Corporations are legal entities that are separate from the company's owners, which offers them the greatest protection for personal liability. That said, there are often different tax incentives that provide both pros and cons to forming a corporation.
What do I need when applying for Novo as a Corporation?
To successfully apply for a Novo account as a Corporation,you must provide a copy of your unexpired government-issued ID and, if requested, proof of your current address (such as a utility bill or lease agreement). You will also need to provide your Social Security Number (SSN) and your Employer Identification Number (EIN) for tax identification purposes, and a Doing Business As (DBA) certificate, if your business name differs from your legal name. We may also request you to provide one of the following business documents which shows that your business has been registered with the state.
Articles of Incorporation
Also known as a Certificate of Incorporation or Corporate Charter, this document legally establishes a corporation in the U.S. or Canada. It is typically filed with the Secretary of State and contains essential details such as the company name, business purpose, and share structure. To meet Novo's application requirements, the applicant must be a listed agent or officer, and the document must be fully signed and include an official filing stamp or seal from the state registrar.
Company Bylaws
Corporate Bylaws are the internal rules adopted by a board of directors to govern a corporation’s management and operations. This essential legal document defines the organization's structure, including its name, purpose, and office locations. It also outlines the specific roles and procedures for members, directors, officers, and committees, while addressing meeting protocols and conflict of interest policies.