Filling out the Pennsylvania Articles of Incorporation form can be a straightforward process, but many people make common mistakes that can lead to delays or complications. One frequent error is failing to choose an appropriate name for the corporation. The name must be unique and not too similar to existing businesses. It’s crucial to check the Pennsylvania Department of State’s database to ensure your chosen name is available.
Another mistake involves not including the required information about the corporation's purpose. Many people write vague descriptions or leave this section blank. A clear and specific purpose helps clarify the corporation's activities and can prevent issues down the line.
Some applicants overlook the necessity of providing the correct number of shares the corporation is authorized to issue. This detail is important because it determines the ownership structure. Not specifying this can lead to confusion among shareholders.
Additionally, individuals often forget to include the names and addresses of the initial directors. This information is essential for establishing the corporation’s governance. Omitting it can lead to questions about who is responsible for managing the company.
Many people also fail to include the registered office address. This address is where official documents will be sent. If this information is missing or incorrect, it can result in legal complications or missed communications.
Another common mistake is neglecting to sign the Articles of Incorporation. Without a signature, the form is incomplete and cannot be processed. Ensure that all required parties sign where necessary.
Some applicants miscalculate the filing fees. It’s important to check the current fee schedule and include the correct payment. Underestimating the fees can lead to delays in processing your application.
Finally, many individuals do not keep copies of the submitted documents. Retaining a copy of the Articles of Incorporation is vital for future reference. It can be helpful for compliance purposes or if any issues arise after filing.