How to register a business in Alaska for a corporation?

Knowledge Section

Concept of Alaska Corporation

A corporation is a legal business set up with separate entity status from its owner. It has liability of its members limited and may raise capital by offer to general public. It is managed by directors and operated by mangers.

Benefits of Alaska Corporation

• Shares can be sold very easily without any restrictions
• Liability of all members is limited up to their investment in the Corporation
• Normally large in size as compare to sole proprietorship so enjoy economy of scale, etc

Types of Corporations in Alaska

• Business Corporation
• Professional Corporation
• Nonprofit Corporation
• Religious Corporation
• Foreign Corporation

Time required to register a Alaska Corporation

Normally it will take 1-2 working days to incorporate Alaska Corporation. And for quick filling use online resources provide at the website of Alaska Department of Commerce, Community, and economic development.

Filling Section

Legal provisions regarding name of Alaska Corporation

The corporation name must be identical and not deceptive to any already registered entity. It also not consist of any words which contradict with its purpose and must include "corporation," "company," "incorporated," or "limited," or any abbreviation of  these words.
After choosing the name you have to check availability of name. If name will available you may reserve it for 120 days after paying the prescribed fee.

Statement of purpose of Alaska Corporation

The corporation may adopt any lawful activity and declare the same in articles of incorporation as its purpose. Further you have to provide 6 digit NAICS code for your selected activity. You may take the list of NAICS codes and further information at the official website of Alaska Department of Commerce, Community, and economic development.

Statutory requirement of registered agent for Alaska Corporation

It is statuary requirement for Alaska Corporation to have a registered agent. It is a person who receives all mails, notices and other legal documents on behalf of the corporation. You may hire an individual resident of Alaska or a business entity registered in Alaska with good standing with the Alaska State other then LLP, LLC and LP.

Disclosure of Alien Affiliate

Alien Affiliate is specific term used by the Alaska Department of Commerce, Community, and economic development. It means a person other than the US citizen and other than individual who has not registered any entity in US or having registered entity in US but controlled by nonresident of US. If there is no Alien Affiliate then nothing will be disclosed.

Authorized share stock

Every profit corporation has to provide authorized shares. You may provide any numbers of shares except zero and select any class of shares or with combinations with and without par value.

Particulars of Incorporator(s)

Name, address and signature of incorporator must provide in articles of incorporation. At least one incorporator is required to form a corporation. You may have more than one incorporator but you have to furnish the name and addresses of all incorporators.

Submit Alaska articles of incorporation

You may submit articles of incorporation by mail or in-person at Alaska Department of Commerce, Community, and economic development. You may file online with official website of Alaska Department of Commerce, Community, and economic development.

Other legal implications for Corporation

• For federal taxpayer identification number contact Internal Revenue Service (IRS)
• For Alaska Corporate Income tax contact Alaska Department of Revenue, Tax Division
• For business licenses contact Alaska Department of Commerce, Community, and economic development.
• For other local licenses and permits contact with city and county office

Maintenance and Compliance Section

Bylaws for the Alaska Corporation

After incorporation with Alaska Department of Commerce, Community and economic development you have to prepare Bylaws for the Alaska Corporation. Bylaws are the rules regarding internal structure of corporation. Bylaws are necessary to operate but not a statuary requirement.

Initial Report

Every corporation has to file initial report within 6 months of its incorporation with the Alaska Department of Commerce, Community, and economic development. You may file online at the official website of the Alaska Department of Commerce. In case of failure to file initial report the corporation may be dissolved by the state.

Biennial Report

Every domestic corporation has to file Biennial report every two years. You may file online. In case of failure to file Biennial report the corporation may be dissolved by the state

Alaska Certificate of Compliance/ Good standing

Certificate of compliance or good standing is the conclusive document for compliance with all legal provisions. Some time many stakeholders require you to furnish such document. You can get such certificate from Department of Commerce, Community and economic development after paying the required fee.

Conversion into Alaska S Corporation for alternate Taxation

You may convert into S-corporation by electing with Internal Revenue Service (IRS) for alternate tax structure by filling prescribed form.

Business Tip: Accounting plays vital role in any business. It tells about the progress, costing, and financial position of the business etc. we may called it language of the business. Good accounting support good business.