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Transferring Property Into a Corporation-Continued
Leasing and Licensing Property to a Corporation:
Property you own may be leased to your corporation.
You may also license patents and rights to copyrighted works. A lease and licensing agreement must be prepared and signed by the appropriate parties.
Opening a Corporate Bank Account:
You should open at least two corporate accounts:
- A General Account:
- Used for paying anything, except payroll.
- A Payroll Account:
- Whether you do your own payroll or use a payroll service (highly recommended), payroll checks will be drawn on this account.
A bank will generally need copies of certain documents to open corporate bank accounts, such as:
- Articles of Incorporation (approved by the state).
- Form SS-4, Application for Employer Identification Number.
- Once the IRS issues the corporation's EIN, enter it on Form SS-4.
- The bank generally wants a completed copy of Form SS-4.
- Certified Copy of Resolution.
- This is the corporate authorization to open the accounts.
- It indicates who is authorized to sign checks and other information.
- The bank will provide signature cards for authorized signers.
- This is the corporate authorization to open the accounts.
Incorporation kits have all the forms you'll need to transfer property, open back accounts, and to properly administer the affairs of the corporation-even the stock certificates are generally included.
Next:
C-corporations-Transferring Property Into A Corporation -Continued: Basis; Why Know Your Basis in Property? Your Unadjusted Basis
Related Links
- Transferring Property Into a Corporation
- Documents Used to Transfer Property Into a Corporation
- Leasing and Licensing Property to a Corporation
- Opening a Corporate Bank Account
- Valuation of Property Transferred Into a Corporation
- Section 351(a)-Tax-Free Exchange
- Section 351(b)-Partially Taxable Exchange
- Section 1244 Losses on Small Business Stock
- Who May Claim an Ordinary Loss on Section 1244 Stock?
- Deduction Limit for Section 1244 Stock
- Sole Proprietorship
- Partnership
- S-corporation
- Limited Liability Company (LLC)
Copyright © 2008-2012 Larry Villano. All rights reserved.