Incorporation in Alaska

Anchorage Incorporation Attorneys, AK

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Alaska law allows a business to incorporate and be recognized as its own legal entity. As a separate entity from the owners, the business is then considered to be functioning on its own when it buys and sells property, assents to contracts and exercises legal rights. The Alaska Secretary of State receives and processes applications for incorporation, which must be submitted in compliance with local guidelines.

Benefits of Incorporation in Alaska

An incorporated business enjoys certain benefits, the most important being a limit of liability for the shareholders. The most shareholders can lose is the amount they invest in the business. If the business had remained a personal asset of the owners, they would run the risk of losing their personal property to pay for the company's financial liabilities in case of default. Furthermore, a business that has not incorporated puts the unnecessary burden on creditors in the Anchorage area to evaluate the credit worthiness of individual owners rather than that of the business, making loans more cumbersome. Lastly, a corporation's ownership stake is divided into equal slices or "shares" of stock, which make investments in the business much easier to transfer.

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Life in Anchorage

Anchorage has been voted an "All America City" four times and makes up over 40% of Alaska's total population. The city motto is "Big Wild Life" and there's plenty of it. A survey found roughly 300 black bears and moose, along side 60 grizzly bears call Anchorage home year round. The numbers of moose increase over 1,000 in the winter months. There are also wolves, foxes, beavers, and all other manner of moderate and small native animals that can be easily spotted in Anchorage. That's why so many people decide to visit Anchorage each year. 

Tourism play a major role in the economy with natural resource extraction, local and federal government, transportation services, and the military. There are two major military installations in Anchorage, Elmendorf Air Force Base and Fort Richardson, as well as the Kullis Air National Guard Base. In addition to military personnel, the military employs another 8,600 Anchorage civilians. There are a number of airlines headquartered in Anchorage like Alaska Central Express and Hageland Aviation Services but the petroleum industry is one of the most important. Giants like BP and ConocoPhillips have drilling and transportation services in Anchorage that employ thousands of locals.

The International Ice Carving Competition is one aspect to the annual of the Fur Rendezvous Festival held in Anchorage's Alaska Center for the Performing Arts. The festival had a record attendance in 2000 with over 250,000 people visiting. The legendary 9-15 day long Iditarod Trail Sled Dog Race begins ceremonially each year downtown on 4th Street and ends in Nome, Alaska. The race stretches 1,049 miles that are timed. It's known as one of the most intense sporting events due to the distance and blizzards.

Costs of Incorporation

Incorporation comes at a price. First, Alaska may charge a filing fee to process applications for incorporation. Also, the corporation will pay taxes as its own entity. The individual incomes of the owners are still taxed also, and this can mean the same income is taxed twice, known as double taxation. With proper planning and assistance from a local Anchorage lawyer, you can avoid this disadvantage.

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