Incorporating in Maine can feel overwhelming at first, but CorpNet is here to help get you started. The authority for incorporating in Maine falls under the Secretary of State, Bureau of Corporations, Elections and Commissions. This Division also keeps all corporate filings on record. The main location is in Augusta. The chief types of business organizations structures available are Sole Proprietorships, General Partnerships, Limited Partnerships, Limited Liability Partnerships, Corporations and Limited Liability Companies. Each one has definite advantages and disadvantages, depending on the needs of your business. Choosing the suitable organizational structure for your company is one of the most significant decisions you will make.
Foreign and Domestic Corporations
Business and nonprofit corporations are considered to be either domestic or foreign corporations. A domestic corporation is one that has been incorporated under the laws of the State of Maine. Conversely, a foreign corporation is one that has been incorporated under the laws of another state or country. By registering with that particular state, you may be authorized to do business within the state of Maine.
When registering a foreign business, the Application For Authority To Do Business form must be submitted. The application must be supplemented by a certificate of existence or a document of similar meaning accordingly authenticated by the Secretary of State. It must state that the corporation has legal existence, good standing or comparable language and cannot be dated any earlier than 90 days preceding the date of delivery for filing the application.
Officers and documents
Corporations in Maine must have one or more directors. Any change (address or ownership) must be filed with the Secretary of State.
The incorporators or board of directors must approve beginning bylaws for the corporation. The right to grant, adjust or eliminate bylaws is subject to the articles of incorporation and the stockholders.
Every Maine corporation has to have a Clerk, sometimes known as the registered agent. The Clerk must be a natural person who is also a resident of the state. The clerk can be one of the directors or officers of the corporation but this is not required. The corporation’s board of directors must elect the Clerk unless the articles of incorporation set aside the appointment of the Clerk for the shareholders. The clerk is the person who is chosen to accept official state correspondence.
Additionally, the clerk must keep on file a list of all of the corporation’s shareholders and maintain records of all the shareholders’ meetings.
Maine also requires that all corporations keep a registered office. This can be the same address as its place of business.
Every year, a report must be filed with the Maine Secretary of State, except for the first year of incorporation. The report should be filed each year between January 1 and June 1 of the calendar year and must include the corporation’s name and jurisdiction, the address of its main office, the name of its registered agent if it is a foreign corporation, a short statement regarding the nature of the business, and the names and addresses of the president, financial officer, and directors.
An annual financial statement should also be filed no later than five months after the closing of the fiscal year. This should include the end of the year balance sheet as well as the statement of change of shareholders; equity unless the information is located elsewhere.
Forming a corporation online
Incorporation in Maine can look like a discouraging task. Still, it is quite feasible to incorporate online by filing the right forms in the proper order and this can be carried out remotely through our services. We offer full packages to start your corporation or LLC without missing critical steps or documents. Mistakes can be costly.
Incorporating online is as easy as providing some preliminary information and deciding which type of corporation best fits your requirements. CorpNet is easily reached to help you start a corporation in Maine and one-year Registered Agent Services is customary in our packages. We also provide unlimited customer support.