Getting A Business Legally Incorporated: Things To Know
Did you start a business and want to make it look more professional? You may want to look into hiring a lawyer to incorporate the business, as it comes along with many benefits. Find out in this article what you should know about business incorporation so you can decide if it is something that you want to do.
What Does it Mean to Incorporate a Business?
Incorporation is a way to keep your personal life separate from what goes on with your business. Your business will also look more professional in the eyes of customers because you will stand out as a business owner legally. Your business name will also become a brand that is illegal for any other entity to use. Business incorporation is beneficial because it can give you the ability to get tax breaks during tax season. One of the biggest benefits of incorporation is that you won't have to worry about your personal assets being affected if you have to file bankruptcy for your business.
How Can a Lawyer Assist with Business Incorporation?
The first thing that a lawyer will do is consult with you about how you intend to run your business. For instance, he or she will need to know what you want to name your business and what kind of services will be offered. Details about your business are needed in order for the lawyer to help you fill out the articles of incorporation after obtaining them from the secretary of state. He or she will also assist with creating bylaws for your corporation, as the details must be included when the articles of incorporation are filed. Keep in mind that a business can be incorporated without the help of a lawyer, but it is not in your best interest to go that route because a lawyer will know all of the specifics of business law that you need to follow.
What is the Estimated Price Charged by a Lawyer for Business Incorporation?
The price that you are charged for a lawyer to assist with incorporating your business depends on how much work is involved. For instance, it will be more expensive to incorporate a large business over a smaller one. Expect to be charged a retainer fee upfront that is at the discretion of the lawyer, as well as an estimate of $100 or more per hour deducted out of the fee. Contact a lawyer as soon as possible to get your business incorporated!