Get help finding the Right Business Incorporation Law Lawyer
A Business Incorporation is the forming of a new corporation that is recognized under the law. Business incorporation is an umbrella term that covers a variety of options for legally structuring your business. A new corporation can be a business, non-profit organization or a government of a new city. After a corporation is formed the word incorporated is added after the business name.
Business Incorporation is becoming more common with entrepreneurs and business owners looking to increase their company value and attraction of investors while decreasing their exposure to liability. A significant legal benefit from business incorporation is the safeguarding of personal assets against the claims of creditors and lawsuits.
Sole proprietors and general partners in a partnership are personally and jointly responsible for all the liabilities of a business, however after the incorporation of a business, directors and officers are typically not liable for business debts.
Another significant benefit from the incorporation of a business is that corporations are taxed at a lower rate than individuals, making the business incorporation substantially more cost effective than a sole proprietorship.
Corporations have an indefinite life, allowing a business to flourish after its original owner has passed on. Creating a corporation adds additional authority to your business because most consumers, vendors and partners prefer to do business with an incorporated company.
A lawyer with experience in business incorporation laws can assist prospective business owners with drafting and filing the articles of incorporation. The articles of incorporation have bylaws that can be efficiently completed through a lawyer. A lawyer can also assist in choosing the appropriate corporate name by making sure the name meets all distinctive elements required in the articles of business incorporation.
Having a corporation involves maintaining excellent record keeping for tax purposes. A lawyer can make sure you are following proper guidelines to avoid taxes and penalties from the Internal Revenue Service (IRS).
If you need a lawyer with experience in business incorporation laws, contact Attorney Search Network today for a free lawyer referral to a local business incorporation lawyer.
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If you have any questions about the inStart Up provided above, please contact Attorney Search Network.
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