If you are running a business, you may have been told that it is a smart move to incorporate your business. Whether you are already aware of the possible benefits of incorporating or whether you simply want general advice on the best business structure, a Seattle business lawyer should be consulted for assistance.
How a Seattle Business Lawyer Can Help You When Incorporating
Incorporating is a wise choice for many different businesses for a variety of reasons. Incorporating can help to provide legal protections to limit personal liability based on the business. For instance, when you incorporate with the help of a Seattle business lawyer, the business can get credit on its own instead of in your name so your personal assets won’t be at risk. In addition, when your Seattle business lawyer assists you in setting up a corporation, then you are no longer at risk if the corporation is sued since the business is a separate legal entity.
Of course, there are also costs associated with incorporating, including business filing fees. In some cases, these costs can be offset by tax savings, but this isn’t always the case. As such, a Seattle business lawyer should be consulted to see if incorporating makes financial sense for you.
If you have decided that you should incorporate your business, you will want a Seattle lawyer to help you decide on what business structure is best. You may be able to form a professional corporation, an s-corporation, a c-corporation or a limited liability company depending upon what your business does and how large your business is. A Seattle business lawyer can explain all of your options for incorporating to you and assist in choosing the most advantageous.
Finally, a Seattle business lawyer will help you with the actual logistics of incorporating. This means not only filing the articles of incorporation but also understanding everything else that is involved with your business becoming a separate legal person. From tax and payroll issues to IRS requirements and scheduling annual business board meetings, your Seattle business lawyer will guide you through every step of the way when you transition your business from a sole proprietorship or partnership to a corporation.