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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:
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.
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.
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.
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?
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.
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?
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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