Archive for October 8, 2018

So You Are Starting a New Company, Have You Decided on a Legal Status?

Written by Small Business Magazine on October 8th, 2018. Posted in Homepage

Business agreement format

Starting a new business endeavor is always exciting, until you get down to some of the details such as the legal status of a company, by-laws, and other forms, certifications, and procedures that must be carried out. Defining the legal status will have a bearing on several incredibly important factors, such as the payment of taxes, investments that can be made in your company, and the liability or financial security you can expect.

Business formation types generally fall into one of three categories when you need to determine the company legal status. Business formats include sole proprietorship, general partnership, and becoming either a Corporation or “S” corporation. There are also limited liability companies, which you may want to consider after discussion with a lawyer.

  1. Sole proprieto