Many of our business-formation clients are successful business owners who started out as consultants. They chose the simplest structure, that of sole proprietor, which worked well in the early years, but as they grew and prospered, their businesses became more complex. They added associates and partners and realized that a sole proprietorship was not offering the protections they needed and began to think about incorporating.
The primary reason for incorporating is that it separates the business from the owners. The corporation acts like a separate body that can do things like buy and sell property, be taxed and enter into contracts. But most important, it protects its owners from personal liability for corporate debts and obligations.
Guideway Business Formation Package
Most of these business structures include:
LLCs: Growing Popularity for Ease of Use
Many people are choosing LLCs these days because they provide the critical personal liability protection, yet they’re fairly flexible and can be formed quickly and easily.
Features of an LLC:
- Required filing of the Articles of Incorporation with the Secretary of State
- Can be one or many members
- Not required to have Boards or keep meeting minutes
- LLCs can be managed by the members themselves
All Guideway Business Formation packages include the Secretary of State’s filing fee.