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Corporation and LLC Formation Packages and other popular forms.
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Forming a business or forming a company structure to protect your existing sole proprietorship involves crucial decisions that can determine the success of your business objectives and protect your personal assets. Choosing the proper form of business organization, whether you are a sole proprietor of an existing small business or looking for how to start a corporation or form a limited liability corporation, is an important decision in the formation process. For business owners, choosing to become members, shareholders, partners, directors, and officers, etc., and forming a corporation or other business entity offers the ability to minimize personal liabilities and gain tax and other advantages.
Whether to incorporate and which business form is best suited for your business organization will depend on the all the facts involved in your situation. A brief overview of different popular business entities used to form a business and their advantages & disadvantages is outlined below.
The document containing the governing rules for formation of the corporation and basic corporate operations, called the articles of incorporation or corporate charter, is typically required to be filed in the secretary of state's office. Directors and officers are named during formation of the corporation, who will pass bylaws that set guidelines and grant authority for operating the corporate form of business.
When considering how to form a business, whether you choose to form a corporation, start an LLC, create a partnership, etc., US Legal Forms has the professionally drafted legal form your business needs. Whether you need small business forms or forms for a publicly-traded corporation, US Legal Forms offers business forms for use by sole proprietors, partners, members of an LLC, and more.
If you are looking to form a corporation, there can be many advantages of the corporate form of business. One of the main advantages of incorporating is the limited liability protection it offers under corporate law for shareholders. As a sole proprietorship, there is no limited liability protection and the assets of the sole proprietor and any personal or jointly held assets may be attached to pay business debts. There are other advantages, such as being able to raise capital through selling shares of stock and tax advantages of being taxed at the corporate rate and claiming deductions for business expenses. US Legal Forms offers incorporation packages and forms for forming a corporation, as well as thousands of other business forms and small business forms for all your company needs.
When trying to decide whether to start a corporation or start an LLC, one of the main advantages of a LLC is the relative lack of procedural formalities and filings applicable to a LLC. Also, unlike when you form a S corp, a limited liability company can issue more than one class of stock. An LLC also offers the ability to be taxed like a partnership and have income and loss reported on and taxed at the individual level. Each type of business organization, whether LLC or corporation, has its own advantages & disadvantages, so the decision on how to form a business should be based on the circumstances in each case.
Forming a business like an S corporation, C corporation, or limited liability corporation can be completed easily and inexpensively by using an incorporation package for your state. US Legal Forms offers forms and form packages that let you form an LLC, form an S corp, limited partnership, or other form of business organization at low cost.
Forming a corporation involves creating articles of incorporation, also called a certificate of incorporation or a corporate charter, and having it registered with the state, usually in the office of the secretary of state. The articles of incorporation set forth the basic corporate information and structure, names of directors and officers, the corporate purpose applicable to both for-profit and non-profit companies, and other matters, such as initial shares of stock to issue and the voting rights of shareholders.
In a closely held corporation, a buy-sell agreement is often created to deal with how a shareholder's stock will be handled if the shareholder leaves the company, dies, becomes incapacitated, etc. The filing requirements vary among closely held corporations and publicly traded corporations. In public corporations, where the stock is publicly traded, there are additional filing requirements to set up with the SEC, and there may be other local permit or other requirements depending on the type of business you are seeking to incorporate.
In a limited partnership, there are two types of partners, general and limited. Only a general partner can play a management role in a limited partnership. The main disadvantage of a limited partnership vs. LLC company is the unlimited personal liability of the general partner compared to the limited liability available to a managing member of a LLC. The management role of members in a limited liability corporation is determined by the operating agreement of the limited liability company created when the members form an LLC.
The corporate form of business makes sense for many who own a sole proprietorship. Many sole proprietors seek to form a corporation due to the limited liability protection it offers, in order to shield personal assets from liability for business debts. However, if there aren't any significant personal assets owned and the corporate tax rate isn't going to be lower than the individual rate, it may not be advantageous to incorporate.
US Legal Forms offers incorporation packages, as well as individual forms. The corporate existence is created by filing the articles of organization with the secretary of state. The incorporation package also includes other forms needed to form a corporation, such as bylaws, minutes, notices to shareholders, a form to elect S corp status, and more.
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