what kind of lawyer deals with incorporation

Can law firms incorporate?

An experienced business attorney will be able to inform you of your State’s rules on incorporation, as well as provide you guidance on whether or not incorporation is right for your business. Should incorporation be the right choice for your small business, an experienced business attorney will then be able to prepare the necessary paperwork and ensure the proper paperwork necessary …

What types of lawyers are available to small businesses?

May 02, 2022 · It is definitely tempting to incorporate on your own because it's less expensive than hiring an attorney. "While state fees generally total between $100 and $250, the average attorney charges that by the hour," says Matthew A. Dolman, a Florida-based attorney with Sibley Dolman Gipe Accident Injury Lawyers, PA.

What does a corporate lawyer do?

It is vital to hire a business lawyer to ensure the incorporated company is valid after all the paperwork has been filed and articles of incorporation have been completed. While limited liability protection is what founders relay upon with these types of businesses, there are usually several forms and documents that must be completed.

Do I need an attorney to incorporate my home?

While there are differences from state to state, the basic procedures that you or your lawyer will follow in creating a corporation are these: • prepare and file articles of incorporation. • select a board of directors. • adopt bylaws. • elect officers. • issue stock, and. • decide whether or not to elect S corporation tax status.

How to incorporate a small business?

As mentioned above, incorporating a small business is usually not a complicated process. Generally the steps are as follows: 1 The first step in incorporating a small business is often the most enjoyable, picking out a name for the corporation. The name must be unique and not in use by another corporation in the state. Therefore, once you have decided on a name, you should search the Secretary of State’s website to ensure the name is not taken; 2 After deciding on a name, the next step is to draft the articles of incorporation for the corporation, pay the required fees, and file the articles of incorporation with the Secretary of State’s office. The articles of corporation contain numerous different aspects of running a business, such as what type of formation you are seeking to form, the purpose of the corporation, the identities of those forming the corporation, where the principal office is located, etc; 3 After the articles of incorporation have been filed, you must select a board of directors for the corporation and hold your first meeting; 4 At the first meeting, you will then approve the bylaws of the corporation; 5 Next your business may choose to issue stock for the corporation; and 6 Finally you will obtain an employer identification number (“EIN”) from the IRS so you can file annual taxes for the corporation and/or hire employees.

What are the advantages of a small business?

Other advantages to incorporating a small business include: 1 The ability to raise capital from investors through the sale of business equity or stocks; 2 The ability to transfer ownership; 3 The availability for tax deductions or tax breaks, dependent upon the type of incorporation formed; and 4 The ability for the corporation to remain after the original business owner or investor passes away or moves on. Importantly, there is no limit to the life of a corporation.

What does incorporation mean?

Incorporating also means people will take your company seriously and you can set the stage for future expansion of your business. You can raise capital for the business through the sale of stock. Ownership in a corporation can be transferred easily should you decide to sell.

How to organize a corporation?

There are multiple benefits to organizing your company as a corporation: 1 A corporation limits your personal liability and may make tax breaks available to you. 2 Your corporation can take tax deductions for the cost of health insurance and life insurance. 3 Incorporating also means people will take your company seriously and you can set the stage for future expansion of your business. 4 You can raise capital for the business through the sale of stock. 5 Ownership in a corporation can be transferred easily should you decide to sell.

What are the benefits of a corporation?

There are multiple benefits to organizing your company as a corporation: A corporation limits your personal liability and may make tax breaks available to you. Your corporation can take tax deductions for the cost of health insurance and life insurance.

Appointing Directors

For a company to be fully and validly incorporated, the business must have a board of directors appointed. Certain articles of incorporation have a designation of which initial directors will be appointed, but others do not stipulate this.

Adopting Bylaws

A corporation must have bylaws adopted which may or may not be specified before this step is needed. Both the bylaws must be drafted along with board minutes documenting the directors having adopted the bylaws into effect. Another document of Written Consent of the Board of Directors Without a Meeting may be used to accomplish this task.

The Issuing of Stock

For a corporation to become a valid business, it must have shareholders. While this step is often ignored by many companies, it does provide for several advantages when revenue has starting rolling in through sale of products and services.

An EIN Number

EIN numbers are required for all entities within the United States. This acts like a social security number to a corporation. It assists in processing taxes, opening bank accounts and filing revenue through customer purchases. With the use of the Internal Revenue Service website, this number may be obtained.

Vesting Schedule and Stock

It is recommended that shares issued to founders of a corporation are submitted to a vesting schedule. This ensures that the found of the company has a vested interest in the corporation and must have contributions regularly or due to the schedule.

The Use of a Business Lawyer

It is vital to hire a business lawyer to ensure the incorporated company is valid after all the paperwork has been filed and articles of incorporation have been completed. While limited liability protection is what founders relay upon with these types of businesses, there are usually several forms and documents that must be completed.

What kind of law do lawyers specialize in?

People sometimes wonder what types of lawyers are available to them. Lawyers often specialize in either business law or personal law. For this reason, you should search for lawyers who have business law experience.

What is a general business lawyer?

1. General Business Lawyer. As the name suggests, a general business lawyer can provide legal advice on a wide range of matters. This type of lawyer has a hand in every legal discipline. If your business doesn’t deal with special circumstances, a general business lawyer may be well suited to your purposes.

Why is it important to hire a lawyer?

However, if your business is subject to a lawsuit, you’ll be relieved that you hired a lawyer. When evaluating lawyers, you should ask a lot ...

Is it expensive to hire a lawyer?

It’s well known that hiring a lawyer can be expensive, making it challenging for some small business owners to retain their services. However, if your business is subject to a lawsuit, you’ll be relieved that you hired a lawyer.

Can a lawyer review a contract?

In addition, some lawyers are knowledgeable about tax issues, even if they aren’t accountants. They may have handled legal tax matters for other business owners and can make sure you don’t run into the same issues.

What is an employment lawyer?

Employment and Labor Lawyer. Using an employment and labor lawyer only makes sense when your business has employees. If it does, your business should comply with state and federal laws. An attorney in this area of the law can help you draft employee manuals and ensure safety standards are in place.

What happens when you buy and sell a business?

When you buy and sell businesses, you’ll negotiate for the property and assets of those businesses. It may not always be clear what you’re entitled to during these negotiations. It pays to have a mergers and acquisitions (M&A) lawyer representing your interests in the transactions.

Basic Incorporation Procedures

While there are differences from state to state, the basic procedures that you or your lawyer will follow in creating a corporation are these:

Consider Whether You Need a Preincorporation Agreement

There's one additional step to consider before starting to incorporate: a preincorporation agreement. It may be unnecessary if you're planning a one-person corporation or if your corporation consists only of family members.

What does a corporate lawyer represent?

When a corporate lawyer is hired by a corporation, the lawyer represents the corporate entity, not its shareholders or employees. This may be a confusing concept to grasp until you learn that a corporation is actually treated a lot like a person under the law. A corporation is a legal entity that is created under state law, ...

What is the role of a corporate lawyer?

The role of a corporate lawyer is to advise clients of their rights, responsibilities, and duties under the law. When a corporate lawyer is hired by a corporation, the lawyer represents the corporate entity, not its shareholders or employees. This may be a confusing concept to grasp until you learn that a corporation is actually treated ...

Is a corporation a person?

A corporation is treated as a unique entity or "person" under the law, separate from its owners or shareholders. Corporate law includes all of the legal issues that surround a corporation, which are many because corporations are subject to complex state and federal regulations.

How to incorporate a law firm?

Steps to Incorporate a Law Firm 1 Pick a name. 2 Prepare and file your Articles of Incorporation with the applicable secretary of state. 3 Prepare a corporate records book where you will store important documents like meeting minutes, bylaws, and any additional stock certificates. 4 Write your bylaws, which needs to include certain clauses for a law corporation that covers how to sell and transfer corporate stock. The reason for this is nonlawyers cannot own a corporation that engages in the practice of law. 5 Appoint corporate directors. For a solo attorney, this individual would be the president, secretary, and treasurer. For two or more attorneys, the duties can be split. 6 Hold your first board meeting and take minutes. 7 Appoint officers, which is done at your initial board meeting. 8 File a notice of stock transaction form, which must be filed by a new corporation within 15 days after the initial sale of securities. 9 Issue stock. Remember that attorneys cannot be partners with non-attorneys, so it must contain a transfer restriction. 10 Register with the state bar.

Can a law firm be a limited liability company?

Depending on your state, it may not be allowed to operate a law firm as a limited liability company. With a corporation, the business is treated as a separate entity with limited liability. A corporation is owned by shareholders and is designed for perpetual existence.

What is a sole proprietorship?

Sole Proprietorships and Partnerships. A sole proprietorship is the simplest of business structures. It is straightforward in that the business is owned by one individual. There is no need to file special forms with the state, although you are required to have all necessary permits and licenses.

What is the difference between LLC and corporation?

The difference is that an LLC has the option to be taxed either like a partnership or like a corporation.

Is a partnership a limited partnership?

It may be a general or a limited partnership, both of which are typically governed by a partnership agreement that dictates each partner's obligations and responsibilities. Like sole proprietorships, partners are liable for the business's obligations in a general partnership.