What You Need to Start an LLC or Corporation

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First off, setting up either type of business formation, you’ll need to choose and register a business name, making sure it hasn’t been taken yet and that you don’t infringe on any trademarks.

An LLC is formed by one or more business owners, called members. You’ll file Articles of Organization in your state. The next step is to put together a contract called an Operating Agreement, explaining the management of day-to-day activities and defining each member's percentage of ownership.

Getting incorporated involves Directors, not Members. You’ll file Articles of Incorporation with the Secretary of State office (some states call these documents Certificates of Incorporation or Charter). The whatsapp data corporation must have a Board of Directors to oversee the corporate business, who write and agree on your Corporate Bylaws (operating documents). You’ll also need a business license and corporate bank account.

Learn more about the process: Steps to Start an LLC or Corporation.

LLC members are all owners (they have equity) who invested in the business. So they all share the assets, even if in different portions.

With a Corporate there are shareholders or stockholders. They own shares in the business, and are paid profits either in dividends or more shares.