What is Open Corporate House? Well it is a small business that can be considered a partnership but still have all of the benefits of a partnership. In other words what is open corporation is a corporation that has no shareholders and no debt. The only people that have any rights to the company are the owners or members and there is a board of directors that make decisions for the company and make reports to the shareholders.
So what is open corporation? It has been created by law so that everyone is entitled to know what is going on with the company. All of the members should have the right to vote on resolutions and all of the company information should be up to date. All expenses have to be declared and they must be itemized so that the general public is aware of what is going on. It is called an open company for the simple fact that all of the financial records and business transactions are available to all people who have ownership or in some way are involved with the company.
There are many reasons that a what is open corporation might be beneficial for you. You are not tied to one person and you don’t have to pay any kind of taxes because the money you make is exempt. All of the profits go to the shareholders and the company doesn’t have to pay corporate taxes. It is also considered a disregarded entity and as such you don’t have to pay income tax.
But, what if you want to start a company of your own and you don’t have any investors lined up? That is a common problem among new entrepreneurs and what the best solution for them is what is called limited liability company. This type of business will permit you to operate the business without having any one particular responsible for all of the debts, losses, revenue loss or taxes. This is an option that permits you to be your own boss and that is a good thing.
When you start what is open corporation, you must do a few things. The first thing is file your articles of incorporation with the secretary of state of the particular state in which you live. Most states require that this be done. Once this is done you must get a certificate of exemption from the state which allows you to operate as your own boss.
The next step is what is open corporation search online. There are a number of web sites that allow you to do what is open corporation search. Many of them charge a nominal fee but there are some sites that are free. Take the time to find the site that is right for you and your needs.
Once you start your new corporation you can then file your articles of incorporation with the secretary of state. The secretary of state will then issue a standard corporation paper work form which you will have to complete and return to them with all the necessary information. You will also have to give them any fees and document proof as well as annual reports and financial statements for the last two years. Once this is all completed the corporation will be incorporated and your business can now file its tax papers with the IRS. All the paperwork is provided online.
Many people are confused by what is open corporation. They may see it as an opportunity to make some easy money without doing any work or having to invest a lot of time and energy in their business. While it may seem like this is the case, this is not true. Open corporations do have some rules and regulations that you must follow. In order to maintain your status you will need to pay taxes on your income and pay the appropriate tax amount to the IRS. While it may seem like a hassle, this is all part of what makes what is open so beneficial for everyone involved.