Forming a Corporation or LLC
Do you need a Corporation or Limited Liability Company (LLC)?
As you may know, there are tax benefits to forming a corporation. Plus, your corporation may obtain a line credit for which you (as an individual) may not otherwise qualify. Also — and perhaps most importantly — a corporation can shield your personal assets from liability to creditors or those who seek to sue you for breach of contract or personal injury.
As your corporation enters into contracts, only the corporation (not you personally) will be liable for its debts in most instances. It also pays to have a corporation rather than a partnership because, in a partnership, you may be liable for your partners personal or other debts, whereas, in a corporation, each officer is not necessarily liable for the debts of other shareholders.
Do You Need an S-Corp, C-Corp, or Other Entity?
Find out which entity is right for you by talking to one of our attorneys. In many instances, it may make sense to form a professional corporation rather than an S-corp or C-corp. One key factor is the number of people in your company. You should know the advantages of each type of entity relative to your needs and goals. Get a Real Lawyer. You deserve to have an experienced, licensed attorney (a living breathing person) help you incorporate your important business. Suffice to say, you should not entrust the protection of your wealth to some “kit” you download off the internet. Forming a new corporation –and having it done right the first time — may be less expensive than you think!
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