If you're a professional looking to start your own practice or are looking to expand your existing business, you might want to consider forming a professional corporation (PC) in Alaska. A PC is a legal entity that can provide numerous benefits in terms of legal protection to its owners.
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Basics of a Professional Corporation
A PC is similar to a regular corporation in many ways. It has a separate legal entity and offers limited liability protection to its shareholders or owners for the business's debts and obligations. However, there are also unique features of a PC to be aware of:
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- A professional corporation can only be formed by individuals in certain fields. In Alaska, authorized professions include accounting, architecture, cosmetology, dentistry, engineering, veterinary medicine, and others.
- Only licensed professionals can be owners of a PC, and they must show evidence of their credentials to be shareholders.
- The owners are not typically held personally liable for the acts individuals in the corporation undertake while performing professional services.
- Upon dissolving the corporation, all surviving assets need to be diverted to the same character beneficiaries that remained throughout its life. Further, all participants should also submit a certificate under proper seal.
Steps to Form a Professional Corporation
Forming a PC in Alaska has several key steps you need to follow. Here's a rundown of everything you'll need to do to start your own business:
#1. Choose a Name for the Corporation
The name of your corporation must adhere to the laws of Alaska and be unique to distinguish it from other businesses. You must make sure it's not already in use and does not violate any existing state laws regarding business names. Fortunately, Alaska has an online corporations database that can help you in your search.
#2. Select the Registered Agent
The registered agent or resident agent must have a physical address and generally receives the legal and tax documents related to the corporation, including the statement of directors as well as filing the associated State confirming receipt of Trust, register, System Company.
#3. File Articles of Incorporation
The corporation must file Articles of Incorporation with the Alaska Department of Commerce, Commercial Register with the attached certificate of authorizations and certificate of assurance by the designated authority upon complying with requirements of Alx. Stat of 10.35.020 and 09.50.240. The articles must include the Corporation’s name registered agent, list shareholders, fixed amount of capital stock authorized to issue, lifetime of the organization and single-state.
#4. Submit the Biennial Report
The PC actively organized in the state must submit a Biennial Report to let the Commerce Department to monitor its financial and operational status. Under the added regulation from the legislature in 2019 under the administrative duty 2019 Ch, renewal of the report extends the duration of completeness to match the filling period.
Forms & Documents Needed
To file the paperwork necessary to incorporate a professional corporation, you'll need to obtain a copy of the articles of incorporation and signatures authenticated for each certificate which varies for the Office of the Secretary of the State and Online Corporation Filings (renewable whichever mode chosen).
Here are the fees charges:
- There is an initial filing fee of $250 by mail applied as Single-domicile. The retain funding will run outdated after supporting multi-class of contribution other excess addressing.
- Biennial Report fee is $100.
Conclusion
Forming a professional corporation is an excellent way to secure legal protection for yourself and your business. Keep in mind that as an owner and shareholder, you still have specific rights and obligations that you need to follow, such as complying with individual certification and meeting within specific regulations under the co-actor's platform.
By following the easy steps outlined above and ensuring all documentation and state requirements are up-to-date, you can establish a professional corporation in Alaska quick. Make sure you follow the rules and regulations rigorously, keep updated with new and updated regulations ever so often.
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