Except in some highly complex cases that typically do not apply to a small or medium sized business, a company that is set up as a Corporation cannot change that designation to a Limited Liability Company.
A corporation or limited liability company can authorize any person to act on its behalf through the proper process.
The term ‘holding company’ is merely a designation for a for-profit entity whose sole or nearly exclusive purpose is to own property.
In all states, if you wish to file for Corporation or Limited Liability Company as a new business entity, the name of the entity sought to be formed must be distinguishable from any entity already of record.
In a large number of states, an individual who is an initial Director of the Corporation also can serve as the Statutory Agent for the corporation.
A corporation is formed by filing the Articles of Incorporation (or the Certification of Incorporation) with the appropriate state agency.
Only after that filing is completed does attention turn toward the type of corporate treatment, as it is not done with the Secretary of State or with the incorporation filing.
IRS Form 2553 allows you to elect S status for your corporation, which provides for pass-through tax treatment as compared to being taxed at both the corporate and shareholder level.
A company name can be any set of words — including a person’s name — so long as that identity is not already registered by another in a particular state.
Minor children can take title to real estate via Quitclaim and can be named as shareholders in a corporation.
But there are issues and limitations surrounding the future capabilities of each of these actions.
Corporations and LLCs do not necessarily have to disclose the names of people holding ownership interests in those entities within any public records.