Incorporation Checklist

Responsible Party's Date Initials Completed ___ Determine whether incorporation is appropriate. Determine client's first and second choice of name for corporation and check name availability with the Department of Financial Institutions. Do a tradename/trademark search if appropriate. Determine whether corporation must qualify to do business in another state, and if so, check name availability in that state and obtain necessary qualification forms. Determine whether a filing with another regulatory agency is required (i.e., in the case of certain licensed professionals organizing a service corporation) Reserve name. Determine what type of corporation is appropriate basic corporation; statutory close corporation; service corporation). Obtain name(s) and address(es) of incorporator(s). Obtain name of registered agent. Obtain address of registered office. Obtain names and addresses of initial directors, if known. Determine what type of stock will be issued (class and series, ______ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ______ ______ ___ ___ ______ ______ ___ ______ ______ ______ ___ ___ ______ ______ ___ ______ ______ ___ if any) and how many shares. ___ Determine consideration (type and amount) to be paid for shares. Determine preferences, limitations, and relative rights of each class and series of shares or provide for issuance of blank stock. Determine whether shares must be registered under federal and state securities laws, and if not, what exemptions apply. Determine whether subscription agreements will be entered into before incorporation, and if so, prepare agreements. Consider establishment of escrow arrangements or other restrictions if shares are to be issued for promissory notes or contracts for future services. Prepare articles of incorporation. ___ Select appropriate form (standard short form; standard long form; form for statutory close corporation or service corporation) and determine whether to include S corporation provision. Select appropriate alternative provisions (e.g., one vs. more than one class of stock). Select appropriate optional provisions (e.g., cumulative voting; preemptive rights; blank stock; names of initial directors; action by less-than-unanimous consent; quorum/voting ______ ______ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ______ ______ ___ ______ ______ ___ requirements). ___ File articles of incorporation with Department of Financial Institutions. Obtain shareholders' names, addresses, telephone numbers, and Social Security numbers. Prepare post-incorporation subscription agreements and corporation's acceptance of agreements, as necessary. Determine whether certificates will be issued for shares, and if so, issue share certificates. If no certificates are to be issued, ensure compliance with section 180.0626. See infra ' 4.3a. Elect initial directors if not named in articles of incorporation. Determine whether organization of corporation is to be completed by initial directors or incorporators. Prepare bylaws. Select appropriate form (standard short form; standard long form; form for statutory close corporation or service corporation) and determine whether to include S corporation provisions. ___ ___ Select annual meeting date. Determine size of board of directors. Select appropriate alternative provisions ______ ______ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ______ ______ ___ ___ ______ ______ ______ ______ ______ ______ ___ (e.g., cumulative voting; quorum/voting requirements; action by less-than-unanimous shareholder consent). Note: Alternatives selected must be consistent with articles. ___ Determine whether organization of corporation is to be completed by unanimous written consent or by vote at organizational meeting. If organization of corporation is to be completed by unanimous written consent, prepare organizational resolutions. If organizational meeting is to be held: ___ Ensure that proper notice is given or that notice is waived. Prepare minutes. ______ ______ ______ ______ ______ ___ ______ ______ ___ ______ ______ ______ ______ ______ ___ ___ Obtain name of corporate accountant. Determine which financial institution corporation will use. If applicable, prepare and submit applications for employer identification number, see infra ' 1.5a, and seller's permit, see infra ' 1.5b. Prepare and file S corporation election (if appropriate). See infra ' 1.5c. Prepare Wisconsin small business share form (if appropriate). See Wis. Stat. ' 71.01(10). If incorporating a new ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ business, consider: ___ ___ Business licenses Employment contracts for key employees Life insurance on key employees Health and disability insurance benefits ______ ______ ______ ______ ______ ______ ___ ______ ______ ___ ______ ______ ___ If incorporating an ongoing business, in addition to the above items, consider: ___ Transferring property to the corporation by proper transfer instruments Notifying, and if necessary obtaining consent from, landlords, franchisors, and parties to leases, licenses, and dealership agreements Notifying financial institutions and reviewing/ revising business accounts, notes, signatory authorizations, etc. Notifying insurance agents and transferring ownership of policies Revising stationery, contracts, invoices, business cards, directories, etc., to show corporate name Notifying creditors ______ ______ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ___ ______ ______ ______ ______ ___