Registering an S Corp in Alaska
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Alaska attracts business owners with its large amount of untapped potential. The state’s beauty, abundant natural resources, and unique business culture provide opportunities for business owners looking to incorporate.
These resources allow Alaska to support over 71,781 small businesses, including S corporations.
Many small businesses, including local shops, service providers, and professional practices, choose the S corporation structure for its benefits.
Incorporating in Alaska isn’t very common compared to other states, but it can offer excellent advantages and opportunities for small business owners.
Choosing the right business structure
Your business structure can significantly affect liability, taxation, and day-to-day operations. What’s the best business structure? Check out our business entity chart.
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Start Your Mission with Us TodayHow do I incorporate an S corporation in Alaska?
S corporations in Alaska offer many benefits, including tax advantages and liability protection. If you are considering incorporating an S corp in Alaska, this guide should help you through the process.
Choose a name for your S corporation
The first step is to pick a unique name for your S corporation. You can check if another company has the name on Alaska’s business name database. Whatever name you choose must include some form of the word “Limited,” “Corporation,” or “Incorporated,” or use an abbreviation like “Inc.” or “Corp.”
If you are not ready to file your S corporation right away, Alaska allows you to reserve your chosen name for 120 days. This grace period allows you to complete the necessary steps without worrying that someone else might take your name.
Appoint a registered agent
A registered agent will receive and inform you about legal documents on behalf of your S corporation. This agent must have a physical address in Alaska to be a valid candidate. You can be your registered agent, choose a trusted individual, or hire a professional service. No matter your choice, having a reliable agent is vital for keeping your business in good standing.
File the articles of incorporation
The next step in the process is filing the Articles of Incorporation. This document contains information about your business, such as the name and address. The Articles of Incorporation are found on the Alaska Division of Corporations website.
As of 2024, there is a filing fee of $250 for the Articles of Incorporation. Once the state approves your filing, it will recognize your S corporation as officially formed.
Create corporate bylaws
Corporate bylaws outline how your S corporation will operate. While Alaska does not require you to file the bylaws with the state, it is recommended to create them to keep everything organized and ensure that your corporation runs smoothly.
First board meeting
Once you create your bylaws, you should hold the first board meeting. During this meeting, the board of directors will adopt the bylaws, elect officers, and take care of other important business. This meeting sets the foundation for how your corporation will operate.
In an S corporation, the owners are called shareholders. During the first board meeting, you will issue stock to the shareholders. This stock represents their ownership in the corporation. Each share gives the owner a say in how to run the corporation. Issuing stock is an essential step in setting up the ownership structure of your corporation.
Obtain your Employer Identification Number
Your S corporation must also get an Employer Identification Number, or EIN, from the IRS. An EIN allows business owners to open a bank account, file taxes, and hire employees.
Elect S corporation status with the IRS
To be taxed as an S corporation, you must file Form 2553 with the IRS. You must file this form within two months and 15 days of forming your corporation or at the start of a new tax year.
Obtain business licenses and permits
Your S corporation will likely need specific licenses or permits to operate in Alaska. For example, restaurants need a food service permit. You can obtain these licenses through Alaska’s Corporations, Business, & Professional Licensing Department.
File an initial report
After your corporation has been approved and created, you must file an Initial Report. This report has no fees and helps ensure that your business does not have non-compliance problems.
How much does it cost to open an S corp in Alaska?
The price of opening an S corp in Alaska can vary. However, as of 2024, all S corporations must pay a fee of $250 to file the Articles of Incorporation and $50 for their business license. Filing biennial reports will cost $100 every two years.
What are some of the benefits of an S corp in Alaska?
Now that you know how to form an S corporation, you might be wondering why you should. Creating an S corporation in Alaska has many benefits, including:
- Tax advantages: S corporations are not required to pay federal income tax. Instead, the profits go directly to the owners, who then pay taxes based on personal rates.
- More credibility: Incorporating your business makes it appear more trustworthy and attractive to customers.
- Limited liability protection: If the business faces legal or financial complications, your non-business-related assets will be safe from being taken.
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MaxFilings professionals aim to provide affordable, quality service to individuals planning to create new businesses.
MaxFilings’ basic business formation package is 100% free; you just pay any state fees. Our professionals will prepare and file your Articles of Incorporation for you. We will also provide you with a year of registered agent service free of charge!
We’re here to give you the best experience by answering your questions and handling your business preparation needs.
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