Do you need to incorporate a business? If so, you might consider hiring an attorney. You will want to find one that is familiar with setting up corporations. Sure, you can find a plethora of online companies and websites that offer assistance in starting a corporation but it’s worth the extra cost to have a real-life person on your side. Here are just a few reasons to consider hiring an attorney when you’re ready to incorporate your business.
Incorporating a business isn’t something to be taken lightly. It is a bit tricky and you must do filings in a particular order that must contain specific clauses or phrases. Doing it yourself will likely cause stress and you may easily forget to include critical information.
Every state is different when it comes to what is required to incorporate a business. You can look for your state’s secretary of state website to see what is required in your particular state. Look for a tab that says ‘business division’ or something similar to find the requirements for your state.
If you have a business that you want to incorporate in more than one state, or you are incorporating with a fake name or a franchise, you’ll want an attorney to avoid any problems or delays.
The bottom line – hiring an attorney might cost you a little more up front but it will save you both time and money in the long run.
What Will the Attorney Do?
When you hire an attorney for incorporating your business they will file all of the documents for you. You will create them and your attorney will get them filed with the state.
Your attorney can also file the election for the right status (i.e.; S Corp status) at the right time and they can also trademark your business name for you.
What Can I Do?
While your attorney can help in many ways, you can still save some money by doing the majority of the paperwork on your own. You could simply use your attorney for insight, advice and for filings.
For instance, you could create the documents (articles of incorporation) and then have your attorney look over them to see what you might have missed. Once the attorney has reviewed the documents they can then file them for you.
Your attorney is not there to make decisions for you. The decisions of your incorporated business are solely up to you. Who you appoint as board of directors – up to you. The name you choose for your business – up to you. All of the decisions are yours but your attorney can offer advice when you need and help with getting the filings done correctly and on time. For instance, your attorney might prefer to file your Tax ID number for you but you can definitely do this yourself via the IRS website. Of course, you might have your attorney review any documents before submitting them on your own.
Hiring an attorney might cost you a little more but we advise that you keep track of every penny you pay to the attorney while incorporating your business because you can deduct these expenses.
For a free consultation to help you make sense of your options please contact Smutylo Law and take your first step in the direction of a happy resolution.