Colorado Incorporation, LLC, and Not-for-Profit Information

The formation document required to file a corporation in Colorado is called the Articles of Incorporation. The information listed in the Articles of Incorporation includes, but not limited to, the name of the company, purpose, shares, par value, business address, name and address of the registered agent.

Colorado law does allow for the formation of Professional Corporations (PC's).

Corporations are managed by their Board of Directors. The minimum number of directors required in Colorado is 1 and they must be 18 years old. The Board of Directors elects the company officers, President, Vice President (if applicable), Secretary and Treasurer. The terms of office are stipulated in the company bylaws.

The company bylaws regulate the way in which your company will be run. The bylaws are adopted at the initial meeting of the directors and are updated as needed. Included in the bylaws will be information on director/shareholder meetings, voting responsibilities, stock issue procedures and other operating procedures.

Corporations may be required and should keep the bylaws available for review at their principal place of business along with the names and addresses of directors, officers and shareholders, minutes of all director and shareholder meetings, records of actions taken by directors or shareholders without a meeting, record of all shareholders and their number and class of shares, a copy of the formation document and any amendments thereto, and the company’s most recent annual report.

All Colorado corporations will be required to file an annual report every year with the Colorado Secretary of State. The statement will request updated information on the corporation's name, principal office, names and addresses of directors and officers, and any information that has changed over the previous year. The statement is due starting the year after formation by the date of incorporation. Failure to file the annual report may result in the company becoming inactive. Colorado offers a reduced Annual Business Report fee if filed online.

Corporations can register an Assumed Name (DBA) with the Colorado Secretary of State. If a corporation desires to conduct activities under a name other than its true legal name, a Statement of Trade Name complying with pursuant to § 7-71-103 and Part 3 of Article 90 of Title 7 of the Colorado Revised Statutes (C.R.S.). The DBA name must meet the same name availability requirements as a newly formed entity, however, cannot include the corporate endings "corporation", "incorporated" or "limited" or an abbreviation of one of such words.

The Business Corporation Law provides a procedure for voluntarily dissolving a domestic corporation by filing an Articles of Dissolution pursuant to §7-114-103 and part 3 of Article 90 of Title 7 of the Colorado Revised Statutes (C.R.S.).

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc. Visit http://www.irs.gov for more information on federal tax requirements.

Further, if your corporation wants to apply for S-Corporation Election it should be applied for right after formation. In Colorado an application for S-Corporation Election is required to be filed with the IRS.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the Colorado Department of Taxation and Finance at http://www.revenue.state.co.us.

The formation document required to file an LLC in Colorado is called the Articles of Organization. The information listed in the Articles of Organization includes, but not limited to, the name of the company, purpose, business address, names and addresses of the initial members and/or managers, whether the company will be managed by the members or managers and the name and address of the registered agent. An original and a copy of the Articles of Organization must be filed with the Colorado Secretary of State.

Colorado law does not allow for the formation of Professional LLC's (PLLC's).

LLC's are managed by one or more members/managers. The members are like the shareholders of a corporation and are the owners of the company. The managers are like the officers of a corporation and run the company on behalf of the members. The minimum number of members required in Colorado is 1 and the company can be member managed. The terms of office of the members/managers are stipulated in the company operating agreement.

The company operating agreement regulates the way in which your company will be run. The operating agreement is adopted at the initial meeting of the members and is updated as needed. Included in the operating agreement will be information on member/manager meetings, voting responsibilities, membership interest and other operating procedures.

All Colorado LLCs will be required to file an annual report every year with the Colorado Secretary of State. The statement should list current information on the company's principal office address and the name and address of the registered agent. The statement is due starting the year after formation by the date of incorporation. Failure to file the annual report may result in the company becoming inactive. Colorado offers a reduced Annual Business Report fee if filed online.

The LLC must also keep detailed records of the company members, managers, articles of organization, operating agreement and tax returns for inspection at its principal office.

LLC's can register an Assumed Name (DBA) with the Colorado Secretary of State. If a corporation desires to conduct activities under a name other than its true legal name, a Statement of Trade Name complying with pursuant to § 7-71-103 and Part 3 of Article 90 of Title 7 of the Colorado Revised Statutes (C.R.S.). The DBA name must meet the same name availability requirements as a newly formed entity, however, cannot include the corporate endings "corporation", "incorporated" or "limited" or an abbreviation of one of such words.

The Colorado Law provides a procedure for voluntarily dissolving a domestic LLC by filing an Articles of Dissolution pursuant to §7-80-802 and part 3 of Article 90 of Title 7of the Colorado Revised Statutes (C.R.S.).

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc. Visit http://www.irs.gov for more information on federal tax requirements.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the Colorado Department of Taxation and Finance at http://www.revenue.state.co.us.

The formation document required to file a Not-For-Profit corporation in Colorado is called the Articles of Incorporation. The information listed in the Articles of Incorporation includes, but not limited to, the name of the company, street and mailing address, registered agent name and address, if they will have voting members, and provisions regarding the distribution of assets on dissolution.

Not-For-Profit corporations are managed by their Board of Directors. The minimum number of directors required in Colorado is 3 and they must be 18 years old. The Board of Directors elects the company officers, President, Vice President (if applicable), Secretary and Treasurer. The terms of office are stipulated in the company bylaws.

You can choose to have a members for your Not-For-Profit organization. The members have the exclusive right to elect directors, amend articles and bylaws, and vote on a merger or dissolution of the corporation. A membership structured Not-For-Profit organization normally benefits the members of the organization, such as a club or social organization. A Not-For-Profit organization that does not have members will be governed by its board of directors as is the case with most charitable organizations.

The company bylaws regulate the way in which your company will be run. The bylaws are adopted at the initial meeting of the directors and are updated as needed. Included in the bylaws will be information on director meetings, voting responsibilities, membership requirements and other operating procedures.

NFP corporations may be required and should keep the bylaws available for review at their principal place of business along with the names and addresses of directors and officers, minutes of all director meetings, records of actions taken by directors without a meeting, a copy of the formation document and any amendments thereto, and the company’s most recent annual report.

All Colorado corporations will be required to file an annual report every year with the Colorado Secretary of State. The statement will request updated information on the corporation's name, principal office, names and addresses of directors and officers, and any information that has changed over the previous year. The statement is due starting the year after formation by the date of incorporation. Failure to file the annual report may result in the company becoming inactive. Colorado offers a reduced Annual Business Report fee if filed online.

NFP Corporations can register an Assumed Name (DBA) with the Colorado Secretary of State. If a corporation desires to conduct activities under a name other than its true legal name, a Statement of Trade Name complying with pursuant to § 7-71-103 and Part 3 of Article 90 of Title 7 of the Colorado Revised Statutes (C.R.S.). The DBA name must meet the same name availability requirements as a newly formed entity, however, cannot include the corporate endings "corporation", "incorporated" or "limited" or an abbreviation of one of such words.

The Colorado Law provides a procedure for voluntarily dissolving a domestic corporation by filing an Articles of Dissolution, pursuant to Section 7-134-103 of the Colorado Revised Statutes Not-for-Profit Corporation Law, with the Colorado Department of State.

New entities should obtain a Federal Tax Identification Number (FTIN), also known as an Employer Identification Number (EIN), from the IRS. This number will be required to open bank accounts, have employees, apply for business licenses, file tax returns, etc.

In order to apply for tax-exempt status under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3) of the IRS code, and none of its earnings may inure to any private shareholder or individual. The company must file Form 1023 for charitable organizations or Form 1024 for other types of tax exempt organizations in order to apply for tax-exempt status. Visit http://www.irs.gov/Charities-&-Non-Profits for additional information.

As all companies are different and have specific filing requirements we suggest that you speak with a tax professional to provide you with tax advice prior to organizing your company. For general tax information you can contact the Colorado Department of Taxation and Finance at http://www.revenue.state.co.us.