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Introduction

Forming a professional corporation in New Hampshire can be an important step for professionals who want to provide specialized services while enjoying the benefits of a corporate structure. Whether you are a lawyer, doctor, accountant, or consultant, establishing a professional corporation can offer liability protection, tax advantages, and other benefits. This guide provides a step-by-step process on how to form a professional corporation in New Hampshire in 2023, along with relevant information and requirements.

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Step 1: Choose a Name for Your Professional Corporation

The first step in forming a professional corporation is selecting a name that complies with New Hampshire's naming requirements. The chosen name must include the words "Professional Corporation" or an abbreviation of these words, such as "P.C." or "Prof. Corp."

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To ensure your desired name is available, conduct a thorough search of the New Hampshire Secretary of State's online business name database. It is crucial to avoid duplicating an existing business name to prevent legal conflicts.

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Step 2: Prepare and File Articles of Incorporation

Next, you must prepare and file the Articles of Incorporation with the New Hampshire Secretary of State. These articles outline the essential details of your professional corporation, such as:

- The corporation's name and address

- The purpose and scope of business operations

- The names and addresses of all incorporators

- The registered agent's name and address

- The number and type of authorized shares

You can submit the Articles of Incorporation online through the New Hampshire Secretary of State's website or file them in person. Filing fees vary depending on the method chosen. It is advisable to seek legal assistance or consult a professional to avoid errors or omissions when preparing the articles.

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Step 3: Draft and Adopt Corporate Bylaws

After the Articles of Incorporation are approved, you need to draft and adopt the corporate bylaws. Bylaws serve as the internal rules and regulations for your professional corporation.

Typical provisions in the bylaws include details on how meetings will be conducted, the roles and responsibilities of directors and officers, and procedures for elections and shareholder voting. While there is no legal requirement to file bylaws with the state, they provide clarity and structure to your corporation's operations.

Consult an attorney familiar with corporate law or use legal resources to ensure your bylaws comply with New Hampshire statutes and address your corporation's specific needs.

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Step 4: Appoint Directors and Officers

As a professional corporation, you must appoint directors who will oversee its operations. New Hampshire requires at least one director for a corporation. Directors generally make key decisions and have fiduciary responsibilities to act in the best interests of the corporation and its shareholders.

In addition to directors, you must appoint officers who will manage day-to-day operations. Typical officer positions in a professional corporation include President, Vice President, Secretary, and Treasurer, although these roles can vary based on your corporation's needs and structure.

Ensure that your chosen directors and officers meet the eligibility criteria as specified by New Hampshire's regulations.

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Step 5: Obtain Necessary Licenses and Permits

Professionals in certain industries, such as medicine or law, may require additional licenses or permits before operating a professional corporation in New Hampshire. Check with the relevant licensing boards or professional associations to ensure compliance with any specific requirements.

Additionally, you may need to obtain local business permits, depending on your corporation's location and business activities. Contact the appropriate municipal authorities or visit the New Hampshire state government website for information on local permits.

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Step 6: Fulfill Tax and Reporting Obligations

Once your professional corporation is established, it is necessary to fulfill tax and reporting obligations imposed by federal, state, and local authorities.

For federal purposes, obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This unique identifier will be used for tax reporting and other official correspondence. You can obtain an EIN online or by submitting Form SS-4 to the IRS.

For state taxation, professional corporations in New Hampshire are subject to the Business Profits Tax (BPT) and the Business Enterprise Tax (BET). Register for these taxes with the New Hampshire Department of Revenue Administration and become familiar with the applicable tax rates and reporting requirements.

Comply with employer responsibilities, such as reporting employee wages and ensuring compliance with labor laws, in order to operate legally and ethically.

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Conclusion

By following these steps, you can navigate the process of forming a professional corporation in New Hampshire and enjoy the benefits it offers. Remember, seeking professional advice and assistance during each step will contribute to a smoother and more compliant process. Establishing a professional corporation can provide you with a legally protected and structured environment to deliver your specialized services, opening new doors for growth and success in your professional career. Good luck with your endeavor!

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