Top 7 Incorporation Questions for Small Biz
Turning your dream job into an LLC can make you feel like you finally made it. Or it can feel like a needless hassle that will corporatize your mom and pop shop. Most often, what incorporating your small business will mean is legal protection for both you and your company.
So if you're still weighing your options, or if you've just begun the incorporation process, here are seven big questions you'll want the answers to:
1. Do You Need to Incorporate Your Etsy Store?
No matter the size or scale of your small business, and even if it doesn't involve selling kitschy fashion and accessories online, incorporation can be a good idea. Incorporation can make scaling up easier and paying the tax man less painful.
2. Incorporating in Delaware? 5 Issues to Consider
The First State is seen as corporate Shangri-La by many, but that doesn't mean it will be paradise for your small business. Learn the pros and cons of having a Delaware corporation.
3. When to Incorporate When Buying Into a Franchise?
If you're buying into an existing brand, you may want to retain some individual protections. And incorporation can limit your personal liability should that brand go bad.
4. What Are Articles of Organization?
Once you've made the decision to incorporate, one of the big things on your to-do list will be to file articles of organization with the state. So what should your articles say?
5. You Just Incorporated Your Business. Now What?
You did all the legwork to get your small business incorporated, now comes the fun part. Making sure you abide by your corporate charter, meeting filing and reporting deadlines, and holding annual meetings of corporate partners.
6. Can I Change My Corporation Status?
Corporate statuses are not one-size-fits-all, and small businesses are constantly evolving. So if your partnership needs to be more of an LLC, or vice versa, how do you go about reflecting that change?
7. Do You Need a Lawyer to Incorporate?
States have made it easier than ever to incorporate a business, but that doesn't mean it's all DIY. Understanding the financial and legal ramifications of incorporation, weighing the different protections and limitations of each corporate structure, and making sure nothing is overlooked in the incorporation procedure are all things an experienced business organization attorney can help with. If you're thinking of incorporating your small business, give one a call today.
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Related Resources:
- Find Business Organizations Lawyers Near You (FindLaw's Lawyer Directory)
- How to Incorporate Your Business (FindLaw's Free Enterprise)
- Incorporating Your Business: Pros and Cons (FindLaw's Free Enterprise)
- Pros and Cons of Non-Profit 501(c)3 Incorporation (FindLaw's Free Enterprise)