Business Formation
You have decided to start your own business and become your own boss or maybe you and some investors have a joint business venture. Once you decide to form a business, regardless of what type, there are a number of steps that must be taken. You must register your business entity with the State Corporation Commission and the Internal Revenue Service. There are often licensing and permit requirements that must be satisfied before you begin operations. Our firm will help you choose the right structure for your specific business goals. We provide guidance for many types of businesses including:
Sole proprietorship – Sole proprietorships are one of the most common business entities and provide one person with sole power and responsibility to operate the business.
Corporation – Corporations are much more complex and formal than sole proprietorships and have specific requirements regarding stock options, licensing and taxation.
Limited liability company (LLC) – LLCs are essentially a blend of sole proprietorships and corporations. Owners enjoy limited liability, but are not subject to the taxation properties of corporations.
Partnerships – Partnerships include general and limited partnerships as well as joint ventures. These arrangements allow for shared profits, liability and operational duties.
Nonprofits or Non-stocks –Nonprofits are charitable organizations that meet the requirements for 501(c)3 status of the Internal Revenue Service.