What to Expect When Starting a Business

PROS, CONS & QUESTIONS IN FORMING A CORPORATION

PROTECTING YOUR PERSONAL ASSETS:

Incorporating establishes a business that is legally separate from its owners. Corporations can do many things that people can do, including acquiring property, signing contracts, having bank accounts, and filing lawsuits.  The corporation is its own person, acting as a shield of separation between it and your personal assets.

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But if your business is small, you may wonder whether a corporation is necessary.  The most common reason to incorporate a business is to limit your personal liability for business obligations. This can be a good idea if you plan to have lots of outside contracts and contacts.  Also, because a corporation's ownership is vested in shares or the board of directors, it becomes much easier to transfer ownership from one owner or trustee to another.  A corporation is a good choice if you're planning to create an entity with the ability to create value, product or service that will continue to exist beyond the lives of the founders.   There are several type of corporations, including, but not limited to, a C-corp, Subchapter-S Corp, LLC, non-profit and non-profit 501-c-3, etc.  The one that best fits you will depend on your vision, goals and objectives.  Call us so that we may answer any of your questions.

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QUESTIONS TO EXPECT FROM US

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• What's the name and address of your corporation?

• What's the motto of your corporation?

• How many board members are involved?

• Have the board members agreed to be involved?

• What are the names, address and phones of board members?

• What is your budget amount to incorporate your product, project or service?

• Do you prefer to incorporate yourself, which is the most inexpensive way?   To do it yourself, agency fees, subject to change and depending on the state, may include state fees up to $150, name reservation fee up to $35, publishing fees up to $60, IRS fees up to $800 and RUSH Fee up to $50.

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We wish you much success in your business endeavor.

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We are sure that you have many other questions that are unique to your situation so give us a call.