Business Incorporation Buyer’s Guide
8.
Tips On How to Have Legal Entity Success
Business incorporation can be an enjoyable process with the right resources and prior knowledge. Whether you’re forming a corporation or an LLC, here are some tips to help make the process simple and worry free:
- Ask for help - Seek advice from your attorney or CPA about what type of legal entity would work best for your business model. Thoroughly discuss the options and characteristics of each, paying attention to tax benefits, liability, operational requirements, and management structure.
- Tax Issues - Consider the impact tax issues and non-tax issues will have on your business before you choose a legal entity. If you decide to form a new entity, the location of the legal entity will affect these issues.
- Incorporation Laws - Each state has its own business incorporation laws, so shopping around for an ideal location to find the best scenario for your business can be helpful. Delaware generally offers a law advantage available under the laws of any other states.
- Raising Capital - Consider whether or not you will be raising capital through shareholders or your own sources.
- Business Control – Knowing how much control you want to have over your business will determine which type of legal entity you should form.
- Cost – Because the cost of incorporation can range from as little as $99 to over a couple thousand dollars, researching incorporation fees and shopping around for business incorporation services can ensure that you are happy with the cost of incorporating your business.
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