If you own a small business that you are wanting to incorporate, you might be wondering if you can do so yourself or if you need the help of an incorporation lawyer. While you can incorporate your business by yourself, there is a trade-off. If you do not know exactly what you are doing, you could submit with errors without knowing.
While filing the paperwork isn’t difficult, legal and tax liability problems can be easily overlooked without the help of a professional. There is a lot that goes into the incorporation process, and it would be beneficial for you to get the help from an incorporation lawyer.
Even if you have decided to use an incorporation lawyer for your business, it is important that you understand what goes into the process. The procedures are different from state to state, but there are some basic procedures that your lawyer will follow.
The first thing that needs to be done is preparing and filing all of the articles for your incorporation. After that, the board of directors will be selected. Next, bylaws will need to be adopted and officers will need to be elected. Stocks will also need to be issued. Finally, it will need to be determined whether or not to elect S corporation tax.
This can all seem really confusing, which is why it would be the most beneficial for you to seek the help of a lawyer who is extremely familiar with what needs to be done and how it needs to be done.
Benefits of Using an Attorney
The first benefit is that a lawyer will be able to ensure that you are choosing the corporate entity that is going to be best for you and your company. The lawyer will be able to give you all the information on the different entities and they can help you come to the proper decision.
Next, a lawyer will be able to make sure that all of the corporate formalities are maintained. Most business owners aren’t aware that the proper incorporation process is more than just filing the articles and calling it a day. An experienced lawyer will make sure that you know and follow all formalities.
An incorporation lawyer will also be able to help you with any tax issues you might come across. They will also be able to file any necessary paperwork with the IRS and ensure that you are taking full advantage of the corporate tax law.