(7 Simple Steps)
To secure and register your brand name it must be unique, not too similar to another registered name in North Dakota, and shouldn’t contain any restricted wording. To check, conduct a free Business Entity Search through the state, and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.
Keep in mind your name must contain words like, “Corporation”, “Incorporated”, “Company”, or “Limited”. Abbreviations like, “Corp.”, “Inc.”, “Co.” or “Ltd.” are also acceptable. If needed, file a Reserve Name Application with the Sec. of State for via mail, fax, or card.
Filing Fee: $10
Your North Dakota registered agent can be a resident of the state or a local/foreign company registered in North Dakota, however a physical address is required. It’s their responsibility to receive and help process all important documentation like state filings, court notices, tax forms, etc.
You can either choose from this List of Registered Agents provided by the Secretary of State, use a private service which can cost up to $160/year. or get a registered agent free of charge when you register a corporation through IncFile or Incorporate.com.
With a registered agent, once you’re ready to make your brand official, set up an account with the state to file Articles of Incorporation. It asks for basic information to disclose for the public record including:
Filing Fee: $100
Think of this as the hard copy record book where all critical corporate documents are kept like the Articles of Incorporation, Bylaws, meeting minutes, stock certificate ledger, stock certificates, stock certificate stubs, stock transfer documents, etc. It’s the ultimate company binder! They’re very common and while not necessary having one is highly recommended for all serious business entities.
Appoint at least 1 initial Director who among other things will oversee the North Dakota corporation until the first shareholder meeting where new directors will be voted in. Prepare an “Incorporator Statement” with complete names and addresses of each director and keep it in your records book. Once elected, an initial meeting should:
As discussed in our last step, your initial meeting should take time to either a) appoint a qualified CFO to handle this, or b) collectively choose a great place to establish the brand’s financial foundation. Where you bank is important, but can scale over time from smaller to larger local, state, or national banks and credit unions.
If you think it’ll be helpful, look into this short breakdown of Business Checking Accounts to start brushing up on the basic numbers involved. After deciding it’s just a matter of keeping this data stream isolated and separate from accounts of any other kind for security and better analytics.
When starting a business, you’re required to be 100% compliant with all relevant local/state/federal agencies. Ideally you should have an attorney or at least dedicate time to knocking this out yourself and doing the homework. That said, here are four resources to get started: