Incorporating is just the first step in starting a successful business. You need more than just the right paperwork to file. You need a trusted business attorney who can guide you through the entire process. We will help you and your business partners tailor your incorporation in a way that maximizes legal protections and minimizes taxes and liability exposure.
Many considerations affect how we advise our business clients to proceed with incorporation. Below are some of the questions we ask during the process.
First, we need to know about the business itself:
- Does the business sell a product or provide a service?
- What are the major transactions that are likely to arise?
- What federal and state regulations apply specifically to these activities?
Next, we ask about the owners:
- How many owners will their be?
- What are their financial positions?
- How will ownership, management, and financial responsibilities be divided?
- How will profits be divided?
- Are all owners active or are some passive investors?
The discussion about tax issues is one of the most important:
- What is the best strategy to minimize tax liability?
- Should we file for an s-election with the IRS?
We then move on to discuss more specific issues, like insurance:
- How much business insurance is needed?
- What other types of insurance are needed to protect the company?
- Will the company pay for health or life insurance for the owners?
Next, we discuss possible employees:
- How many employees will the business have?
- Will any of the owners be employees also?
Last, we talk about the long-term goals of the business:
- Where do you see the business in 5 years, in 10 years?
- What legal issues will arise between now and then?
Our incorporation meetings are always enjoyable because we can learn so much. We become experts in our clients' businesses so we can assist them when legal issues arise, and we teach our clients the most important things they need to know about the legal side of incorporation.
Read more about the business law services that the Kisner Law Firm provides.