Often individuals or groups of individuals decide they want to start their own business. When this occurs, many questions must be answered before proceeding. The first is does the corporation need to be a Limited Liability Company (LLC) or does it need to be Corporation (C Corp)?
Obviously, you want to operate the business in a legally acceptable manner. The first step in this process is to decide the structure of the company. There are potential advantages and disadvantages to both operational methods. (LLC and C Corp)
While choosing a name and appointing an agent are components of both (although they also have variations from each other), little else is. The tax benefits and detriments can be substantial. Knowing how to comply with tax regulations is certainly an important consideration as is determining if stocks will be issued, establishing articles of incorporation or of the organization. Do you need to protect your name and if so is it from a state or federal perspective? Even the name itself must be carefully chosen and researched to make sure it does not infringe on another business. Do you need a board of directors, bylaws, and an operating agreement, etc.? The decisions are many and the consequences of a mistake could cause the demise of the business or even worse.
The choice of whether the company is classified as LLC or a Corporation lays the initial framework to decide what other steps must be taken. After that, the rest of the business can be established. This progression can also be tedious and overwhelming and can likewise require professional assistance.
If the whole business initiation plan is uncertain in your mind, or if you just want to make sure you do not make a costly mistake, then you need legal assistance. There is no one better equipped to assist you than King Law. Our highly knowledgeable and experienced attorneys can help take the uncertainty out of your plans and give you the peace to make your new company prosper. Contact our office today to schedule a consultation by dialing 1-888-748-KING(5464).