How long does it take to form a company on Clerky?
From a legal perspective, there are typically several steps to properly forming a startup. Most other online services only handle the first step, incorporation, and if you're lucky, parts of the post-incorporation setup.
The time it takes to complete each step is as follows:
We file the certificate of incorporation with the Delaware Secretary of State on an expedited basis, so that they typically return it within 2-3 business days.
The post-incorporation setup paperwork is not filed anywhere by Clerky, so this step can be completed as quickly as you're able to finalize the paperwork.
Please note that most startup attorneys would strongly advise against entering into any other legal agreements prior to finalizing the post-incorporation setup.
If the company issued unvested shares to founders in the post-incorporation setup, those founders will typically want to file an 83(b) election. Clerky provides a pre-filled form and instructions to help with this process. Companies can generally continue conducting business while founders are in the process of filing an 83(b) election or waiting to receive evidence of its filing from the IRS.
The California Secretary of State typically processes foreign qualifications within 2 to 4 weeks. The filing can be expedited to 1-2 business days, for an additional $350 fee to the California Secretary of State (we don't charge any additional fees for this).
The New York Department of State typically processes foreign qualifications within 1 to 2 business days.
Stock Plan Adoption
The stock plan is not filed anywhere by Clerky, so this step can be completed as quickly as you're able to finalize the paperwork.
Depending on your startup's circumstances, you may wish to make one or more filings to comply with applicable securities regulations. The time it takes to do this will be variable, depending on the jurisdiction. Our stock plan adoption product includes a pre-filled 25102(o) notice and instructions for California.