Corporate and Partnership Formation and Maintainence
When a client is considering going into business, either on their own, or with a partner it is essential that consideration be given to forming a corporation or partnership agreement. These entities can be formed readily and will not only provide protection against potential liability claims, but will also enable a client to take advantage of certain tax savings that these types of legal entities can provide.
Additionally, it is important for these types of legal entities to be properly maintained in order to provide the legal protection for which they were initially formed. It is also important for corporate counsel to have experience in managing disputes and claims that may arise.
To Incorporate, Articles of Incorporation must be filed with the Secretary of State. The Secretary of State will issue a Certificate of Incorporation. The corporation shareholder(s) must then conduct an organizational meeting to elect a Board of Directors, who will deal with all corporate business issues, such as bylaws, initially and going forward, and electing corporate officer(s) who will run the company’s day to day operations.
The formation of an LLC also involves a similar process with the Secretary of State. The member(s) of the Limited Liability Company must set up an organizational agreement similar to corporate bylaws, designated as an operating agreement, and manage the LLC accordingly.
Both the Corporations and Limited Liability Companies are intended to limit the Liability of its Shareholders in the case of a Corporation or Members in the case of an LLC. There are also favorable tax advantages to these entities. Our firm is well able to assist client’s in these matters and available to represent both individuals and companies seeking these legal services at reasonable rates.