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How to Incorporate in Louisiana (May 2024 Update)

Meow Technologies, Inc.

Meow Technologies, Inc.

Incorporating a business in Louisiana can provide several benefits such as liability protection, tax advantages, and increased credibility. The process typically involves choosing a business structure, naming your corporation, appointing a registered agent, filing articles of incorporation, obtaining an EIN, meeting additional requirements, and staying compliant after incorporation. This comprehensive guide will walk through each step to make incorporating in Louisiana simple.

Choosing a Business Structure

When starting a business in Louisiana, one of the first decisions you’ll need to make is which business structure to form. The most common structures for incorporating in Louisiana are:

  • C Corporation (C Corp): This is the standard corporation structure. C corps are taxed separately from their owners and shareholders face double taxation. C corps allow for unlimited ownership through stocks and can raise funds via public stock offerings.
  • S Corporation (S Corp): An S corp is a corporation that elects pass-through taxation. This avoids the C corp double tax. Profits/losses pass directly to owners’ personal tax returns.
  • Limited Liability Company (LLC): An LLC protects personal assets similar to a corporation but enjoys pass-through taxation like an S corp. LLCs are easier to run than corporations with less stringent compliance.

Factors to consider when choosing a business structure include:

  • Ownership/Transferability of Shares: C corps allow unlimited shareholders. S corps limit shareholders. Single-member LLCs only have one owner.
  • Taxes: C corps face double taxation. S corps and LLCs enjoy pass-through taxation. The ability to deduct losses also varies.
  • Liability Protection: C corps, S corps, and LLCs all protect personal assets from business debts/lawsuits.
  • Maintenance Requirements: Operating an LLC is simpler than meeting corporate compliance regulations.
  • Raising Investment Capital: C corps can sell public stock offerings to raise funds from outside investors which LLCs and S corps cannot.

Consult an accountant or attorney when deciding between an LLC vs S corp vs C corp for your Louisiana business.

Naming Your Louisiana Corporation

The name you choose for your Louisiana corporation must follow the Secretary of State’s naming guidelines:

  • Include a corporate designation like: Corporation, Incorporated, Company, or Limited (or abbreviations like Corp., Inc., Co.).
  • Distinguishable from names already on file with the state.
  • Not suggest an unlawful/misleading purpose or entity (e.g. inferring non-profit status).

You should also check name availability by searching the Secretary of State’s database. Consider reserving your name to prevent others from using it during formation. You can reserve a name for 120 days for a $25 fee.

If starting a business website, check domain availability too so you can use a consistent business name online.

Appointing a Louisiana Registered Agent

Louisiana corporations must have a registered agent on file who is responsible for receiving important legal/tax documents and forwarding them to the company. This person or entity must:

  • Be 18+ years old
  • Have a physical Louisiana address
  • Be available during normal business hours

A registered agent service or individual manager/owner can fill this role. Using a registered agent service ensures you never miss an important document that gets mailed to your company.

Filing Articles of Incorporation in Louisiana

To legally form your Louisiana corporation, you must file articles of incorporation with the Secretary of State. This public document includes:

  • Your corporation's purpose and duration
  • Total shares and classes the company is authorized to issue
  • Registered agent’s name
  • Incorporator's name

You will also need to file an initial report listing your corporation's directors. The $75 filing fee (plus $15 expedited) can be submitted online through GeauxBIZ or mailed/delivered. Filing articles of incorporation officially forms your Louisiana corporation which leads to additional requirements.

Obtaining an Employer Identification Number (EIN)

Nearly all incorporated businesses require a federal employer identification number (EIN) which serves as a business's tax ID number or social security number. An EIN is mandatory if you hire employees. You also need one to open a business bank account and file tax documents.

As part of Louisiana’s incorporation process on GeauxBIZ, you can get an EIN automatically. Otherwise apply directly through the IRS which quickly issues EINs for free.

Meeting Additional Louisiana Incorporation Requirements

Although optional, all newly incorporated Louisiana businesses should:

  • Create corporate bylaws outlining company policies for operations and governance.
  • Hold an initial board meeting to appoint directors, officers, adopt bylaws/policies and issue initial stock shares if applicable. Detailed meeting minutes should be kept.

Ongoing corporate compliance is also crucial after incorporating your Louisiana business.

Staying Compliant After You Incorporate in Louisiana

To keep your corporation in good standing you must adhere to state and federal regulations including:

State Requirements:

  • File annual report: $30 fee
  • Pay franchise taxes
  • Maintain registered agent

Federal Requirements:

  • Keep proper company records
  • Report employee payroll taxes
  • File business tax returns

Failing to stay compliant could result in penalties, fines, or worse - administrative dissolution of your Louisiana corporation. Stay up to date on all mandatory filings and corporate formalities.

Conclusion

Incorporating a business in Louisiana has many advantages for larger companies. Follow the steps covered in this guide including choosing a business structure, naming your corporation properly, designating a registered agent, filing formation documents with the state, obtaining an EIN number, meeting additional requirements, and staying compliant through maintaining corporate formalities and filings after incorporation.

Meow Technologies is a financial technology company, not a bank or FDIC-depository insured institution. Likewise, Meow Technologies is not an investment adviser and none of the information presented herein should be relied upon as financial advice or a recommendation to make any financial decision nor should it be considered to be tax or legal advice. The information is the opinion of Meow Technologies for educational purposes and may not be suitable for all companies. Products, like the one described herein, are offered through Meow Technologies and are not advisory services which are only offered through Meow Advisory, LLC.** The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured bank.**

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*Disclaimer: Meow Advisory LLC is a registered investment adviser. Registration as an investment adviser does not imply any level of skill or training.
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**Disclaimer: Meow Technologies is a financial technology company, not a depository, bank or credit union, and your account at Meow is not, itself, an FDIC-insured product.

Meow currently partners with three banking providers. Banking services are provided by Third Coast Bank SSB; Member FDIC, Grasshopper Bank, N.A; Member FDIC, and FirstBank, a Tennessee corporation; Member FDIC.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Grasshopper Bank, N.A, you deposit your funds into a deposit account at Grasshopper Bank, N.A. which sweeps those funds into deposit accounts across a network of Federal Deposit Insurance Corporation (“FDIC”)-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including Grasshopper's ICS Deposit Placement Agreement. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Visit https://www.intrafi.com/network-banks/ for a list of the banks and savings associations with which we/Grasshopper, N.A. have a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper, N.A. or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of Grasshopper Bank, N.A, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheets for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Third Coast Bank SSB, you deposit your funds into a deposit account at Third Coast Bank SSB. If you also hold funds in a sweep program with Third Coast Bank SSB, Third Coast Bank SSB sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Third Coast Bank SSB uses a third-party vendor and agent to help administer this sweep process. Visit Third Coast Bank SSB for a list of the banks and savings associations with which we/Third Coast Bank SSB have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Third Coast Bank or you). The current maximum deposit insurance amount for your funds is up to $50 Million in FDIC insurance through the sweep network of Third Coast Bank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and conditions and refer to the applicable rate sheet for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by FirstBank, a Tennessee corporation, you deposit your funds into a deposit account at FirstBank, which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including FirstBank's ICS Deposit Placement Agreement. FirstBank uses a third-party vendor and agent to help administer this sweep process. Visit IntraFi for a list of the banks and savings associations with which FirstBank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by FirstBank or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of FirstBank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheet for additional information.

***FDIC insurance coverage is only available to protect you against the failure of an FDIC-insured bank that holds your deposits (and does not protect you against the failure of Meow or other third party). Your account with Meow and all services provided to you are subject to the Meow Terms of Service (“Account Agreements”) and other applicable terms and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written Account Agreements. If you have any questions regarding your account, please contact team@meow.com.

FirstBank Funds Availability Notice

FirstBank’s general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then, the funds will generally be available by the SECOND business day after the day of deposit.