- December 18th, 2012
- John Dillard
- Incorporating in Georgia & Entity Selection, Virtual CFO, Business/Tax/Financial Consulting, Business Loans/Money Management
- 0 Comments
Determining Who Will Lead Your Georgia Business/Incorporating in Georgia
Leadership 101: Knowing who is in charge and how they are lead are essential to the running of a country, a war, a battle, a family, a church and your business. Failing to prepare for essential business planning issues will do much to impair your way to success. Great authors over the years from John Maxwell, Zig Ziglar, and Lou Holz have written dynamic books and articles on how to lead with both your heart and your mind. Choosing who will lead your corporation at all levels is essential to goal congruence and obtaining your overall business mission, profits and goals.
Electing Your Board of Directors
Though Georgia law only requires one director, it might be prudent to seek additional outsiders to oversee and guide your business operations. Directors, though not required to be, are frequently outsiders who are willing to provide wise and insightful guidance. Directors are required to be of legal age but are not needed to be Georgia residents.
Having the Right Officers
The Officers of a company are those who can legally sign a contract the company. It is not unusual for many business’s to have the owner serve as the sole Officer, sole Director and Shareholder. As one could imagine, this dramatically streamlines the decision making process. Officers as well, are the duly authorize representatives to sign the corporate income/partnership return.
Determining Who Will Own the Company
In many minds the most important portion of business leadership for your business is who has the ultimate control. Though both good Directors and Officers are essential to goal obtainment, it is the shareholders/owners who have the ultimate control of who runs the business and thus ultimately their final determinations. Shareholders and owners, not only elect the Officers and Directors of a company, but they have ultimately the final work in all business decisions. Great care should be exercised when potentially adding a partner, as the right one versus the wrong one can well result in the difference between business harmony and profits to needless anxiety to losses. Your owners and shareholders as well should be of full legal age and are not required to be Georgia residents.
At His CPA, PC we strive to be much more than just tax preparers, put our partner to work for you today to see how much enlightened business leadership can mean to your business success.
To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html There you will also discover a wide host of resources for Atlanta Entrepreneurs.
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