Start and Setup a Corporation on line in less than 6 minutes

hi this is Derrick Chamberlin with money

hi comm and today we're going to talk

about how you can set up your own

corporation I NC in less than six

minutes I've linked to the post here

that talks about why having a

corporation is a good idea for you in

your business and there's also a link in

there if you're more interested in

setting up to get an LLC so join me

we're going to go to the money a high

post it's linked below and we will run

through it alright here we are on the

money high post start and set up a

corporation online in less than six

minutes it's linked in the comments

below but you're just going to scroll

down you can click LegalZoom anywhere on

here or just click this a little ad here

to get started so I'm going to click

that and start the timer and we'll get

started we're going to do all this in

less than six minutes okay I'm just

going to go ahead and pick Virginia for

my state you can pick whichever state

you'd like to incorporate in alright so

we're going to form a new corporation

Virginia I'm going to call it hot fancy


alternate name will be sweet fancy pants

and second alternate will be rockin

fancy pants of course you're going to

want to pick a corporation where you can

get the dot-com for and it's not already

taken so do a little bit of homework

there make sure you pick a good name all

right would you like us to help obtain S

corporation status there's no reason to

do that

they're going to charge you $80 here

it's one form I've linked on the post

and it takes you about two minutes

same thing here they're going to charge

you for this and there's no reason for

it it takes five minutes to do look in

the comments of the post okay

let's keep going okay address one two

three four five Easy Street easy town

Virginia one one one one one

all right registered agent you can do

this yourself if you live in the state

or you can pay a service about 30 or 40

bucks a year here on Legal Zoom they're

charging you one hundred and sixty

dollars that's a ripoff you don't need

the registered agent you can do that

through your site website really easily

if you know what it is here you can put

this in so you could just put in

yourself here your address you can fill

out here and we'll just say easy time 1

1 1 1 1

ok compliance calendar this basically

lets you know when you need to pay your

taxes we need to fill out forms and all

that kind of stuff your State

Corporation Commission will mail those

all to you anyways there's no reason to

pay $70 for that if you're forgetful

person you can do that if you want to

I'd rather save $70 it's up to you all

right how many shares of common stock

you need to make sure for each state

some charge you an additional fee if you

request a large number so it's always

fine just to say a thousand power value

per shares keep that cheap that's the

minimum value that you can sell the

stock shares for will corporation be

authorized to issue preferred stock it's

very easy to leave that know that's kind

of beyond the scope of this video if you

want to leave that yes but I'll leave

that up to you to decide what is the end

corporation physical year it's very easy

just to make it the normal calendar year

makes everything easier for you maintain

corporate minutes there's no reason to

this you can do your own corporate

minutes in about 10 minutes a year

there's no need to pay $70 for that

let's keep going

naima director you can just say put in

your name here you can be the president

and CEO you can add as many as you want

here you can also depending on the state

you can be all three of these you can

name any other officers partners if you

want to

there it's very easy to do let's see

stockholder usually you're going to

basically use some of your own money to

start the corporation so I'll just give

myself ten shares and I'll say I put in

a thousand dollars so that's a hundred

dollars a share you can see normally

cash is the easiest way you can add as

many shareholders as you want there all

right you're going to pick what you're

going to be I'm going to be a retail

store because I'm still in fancy pants

so you can apply for S corporation

status on your own there's certain time

limitations I think you normally have

about three months so we're going to be

internet pants store okay here's where

they're going to try and upsell you a

bunch of stuff you most likely don't

need you can look through this on your

own I really strongly advise that you

don't need any of this stuff you can do

it all yourself it's pretty simple I'll

let you read through it alright business

advantage is there's no real reason to

need that they give you a bunch of forms

and things that you can easily get on

Google yourself in about five minutes of

searching okay would you like us to get

a registration application no you can do

this yourself it's very easy from your

state website it takes about less than

five minutes no we don't want any Bank

of America stuff all right now here's

where they're going to try and upsell

you a bunch of stuff let's keep going

you really only need the economy package

I'll let you read through this but

there's no reason to really get the gold

unless you just like to spend a lot of

money all right we want standard

shipping and we don't want any of this

extra stuff they're just trying to kind

of upsell you stuff now here's where

you're going to enter your name and pay

information and you're done all right

and you can see your total comes out to

be two hundred and thirty-four dollars

so as soon as you enter your credit card

info and put all this in you're done

when you click that button so you can

see I went a couple seconds over six

minutes but I kind of went through some

fictitious payment information but

that's how easy it is to set up your own

corporation for less than two hundred

fifty dollars if you're applying in

Virginia depending on your state some

different fees might apply but in

general you'll be way less than three

hundred ollars if you do it yourself if

you try and get a lawyer or some other

professional to do it for you versus you're probably going to

pay easily more than five hundred

dollars so thanks for joining me again

this is Derek Chamberlain with money

high comm and we created our own

corporation in about six minutes with