How to form a C-corporation for Mining

Introduction

A C corporation is a business entity created by state law and recognized as a separate legal entity. The corporation has a distinct legal personality, with rights and obligations that are separate from those of its owners (shareholders). It is one of the most common types of business organizations in the United States.

Step 1 – Choose a Name for your corporation

The first thing you’ll need to do is get a name for your corporation. The name must be unique and not too similar to another company’s name. It should also be easy to spell and pronounce, as well as not offensive or overly long. If the name you want isn’t available, consider using something close like “ABC Mining Company.”

Step 2 – File Articles of Incorporation

The next step is to file the articles of incorporation with the Secretary of State. This can be done by mail or in person at your local county courthouse. The requirements for filing are:

• A post office box address that is valid for one year (you can use a friend’s box, but not yours)
• An EIN number, which you will need to apply for online before sending in your application
• Your name and address as it will appear on documents filed with the state

You may also include any additional information you wish (e.g., “limited liability company” instead of “corporation”), but it must be included in all filings made by yourself or agents acting on behalf of your corporation after incorporation has been granted by the state.

Step 3 – Create Bylaws

Bylaws are a set of rules that govern the internal operations of an organization. They’re similar to the corporate constitution, but they are not required by law. Bylaws can be written by either an attorney or a member of the company or corporation and must be approved by all members before they go into effect.

Bylaws generally cover topics like:

• How many people make up the board of directors? What are their responsibilities? How do we fill vacancies on the board if someone leaves?
• Who has voting rights in stockholder meetings and how much can each shareholder vote? Do shareholders have one vote per share owned (known as “one share, one vote”), or do larger stockholders have more votes than smaller ones (“weighted” voting)? Do shareholders get paid any dividends on their shares (stock)?
• What happens if there’s a tie-in vote at a stockholder meeting—do we use another method for deciding which way to vote? If we hire an outside expert to help us decide something, who pays them: individual shareholders or all parties equally?

Step 4 – Appoint Directors and Hold Initial Meeting

The first members of your board of directors will be responsible for the day-to-day operations of your corporation. Directors can be removed by shareholders (the owners) at any time and should be appointed with care. You should appoint at least three people as initial directors, but no more than one hundred twenty-five. The director positions can only be held by individuals who are not minors.

Step 5 – Create Corporate Stock

As a C-corporation, you can issue stock to raise capital for your mining company. For this step, you will need to consult with an attorney or tax professional to determine which type of stock you should issue. This decision depends on the type of business you’re running and how much money you want to raise.

If your business is generating revenue from sales, then it may make sense for you to issue common stock (also known as “ordinary” or “voting” shares). Common stockholders own the company equally, but they don’t have any special rights that allow them to control day-to-day operations like other forms of ownership do (like preferred shareholders). They also don’t have any guarantees that they’ll receive dividends—ownership just entitles them to participate in profits according to the terms outlined by contract or statute when they were issued shares originally.”

Takeaway

If you’re interested in forming a C-corporation for your mining business, now is the time. The steps are simple:

• Form a limited partnership with your partner(s).
• Incorporate your limited partnership into a C-corporation.
• Elect yourself and other partners as officers and directors for the corporation, as well as any other positions you’d like to hold in it.

Conclusion

If you’re looking for a trusted advisor who can help guide you through the process of forming your own corporation, then look no further than our team at Corporate Law & Consulting Group. We have experience with C-corporation formation and many other types of business structures. Hit up the Trademark Avenue website or give us a call today! We are here to share your burden.