Starting a business in Alaska is a long and complicated process – it requires time, effort, resources and a lot of patience. To help you get ready for the lengthy ride, this article will talk about one of the most important steps in the startup process – incorporation.
After discussing the incorporation process, I’m going to introduce you to the top 3 resources for incorporating a business in Alaska.
Moving forward, here are the top 5 reasons why you should incorporate your business in Alaska!
If you want your business to grow and succeed in the industry, you have to develop its credibility. Everything basically starts with credibility – gaining loyal customers, increasing profit and cash flow, closing deals, expansion – all these things are possible.
When you incorporate your business, you are officially making it a legitimate entity. The state of Alaska and the federal government will recognize your operations and you will be able to carry the abbreviation of the legal structure of your choice after your business name.
An LLC and Co. right behind your business name will cement your place in the industry. Three very important core values are established: credibility, reliability and trustworthiness. Something that all consumers are looking for.
Building a company includes all kinds of risks. If you leave your business unincorporated, your business will be synonymous to you, and you will be synonymous to your business.
Meaning, whatever lawsuits or legal issues your business faces in the future, you are directly liable and responsible for all of them. Everything you’ve personally worked for, your assets, properties, bank savings – creditors and other financial institutions can reach them.
However, if you incorporate your business, you are creating a separate entity which has its own rights and transactions. In this way, you are safeguarding your business as well as your own welfare, protecting yourself from any liabilities.
As you already know, the majority of businesses are not owned by a single person, they are composed of several business partners/shareholders.
The concept of Perpetual Existence simply means that in the event of situations where death, transfer of stocks, bankruptcy and membership occurs, you will still be able to continue your business operations.
If you want to ensure the lifetime continuation of your business in Alaska, there’s no better way to do it – you have to incorporate.
Incorporating your business doesn’t only incur cost on your part – it also gives you many perks later. Every business owner would kill to avail of tax deductions and benefits.
This is one advantage of incorporating your business – you’ll be able to save on operational costs because the state of Alaska will deduct taxes from there.
So what are considered operational costs? Some of them include employee salary and benefits, production costs, and advertising costs, among others.
Essential to business success is organization, and organization can only be achieved if you incorporate your business. Organizational hierarchy of chain of authority/command is clearly defined in an incorporated business.
The responsibilities, scope and job description of every organizational level or company employee is well-stipulated. No overlapping occurs because everyone is aware of their tasks and responsibilities.
From shareholders, to the Board of Directors, to company officials, each one has a specific role to play. Business decisions are discussed by all parties and are made fairly.
This is completely the opposite for unincorporated businesses where manipulation, abuse of power and disruption of operations are highly possible.
Now that you are well-aware of the benefits of incorporating a business in Alaska, as promised, here are the 3 resources that we’ve prepared to give you an idea of where you can seek assistance.
Considering the requirements and steps that you need to undergo while incorporating your business in Alaska, you may need to do some research of your own. Regardless if you want to start an LLC or Corporation, there are many available guides that will walk you through the steps.
Since you’re still starting out, you may have a lot of things on your table and it may be difficult to dedicate time for this. You don’t want to file the wrong document or make mistakes that will slow you down, trust me, I’ve been there.
To ensure that you accurately follow the requirements and steps in the incorporation process, it is best that you look into several incorporation services. You may automatically think of LegalZoom, but there are so many options available other than this. Below are some of them.
IncFile is a trusted incorporation provider in the industry. It offers quality services with very reasonable prices – it is even considered the most affordable incorporation provider!
IncFile has assisted more than 50,000 entrepreneurs and many are still seeking the help of the incorporation provider to this day. With incorporation packages starting at $49 to $299, you won’t regret using IncFile’s services.
For more information about IncFile, you can read our comprehensive review.
CorpNet is on this list because it is an excellent incorporation provider designed for new business owners who have little to no experience in incorporating a business.
The incorporation provider offers free business consultations, free trademark search and free business name search. These are just some of the services you’ll get for an affordable price of $79 to $249.
If you want to know more about CorpNet, check out our complete review about the provider.
BizFilings is an online incorporation service that started its operations in 1996 and it has incorporated thousands of businesses since its launch.
The incorporation provider makes the incorporation process less stressful and simple for you. All you have to do is provide them with important details and they’ll do the rest of the steps for you.
To get to know BizFilings even more, you can read our review.
If you read our complete review for these incorporation providers, you may have noticed that there are services offered by one incorporation provider but not in others. For instance, IncFile has an order tracking tool while CorpNet doesn’t.
At the end of the day, you need to choose the incorporation service that can address what your business really needs.
One of the greatest decisions you can ever make is incorporating your business. You will be protected under the law and you’ll be able to reap the benefits of registering under the state of Alaska.
However, the thing that you must decide on is whether you want to use an online incorporation service provider or handle the process on your own. It’s mainly up to you. Good luck!