Turning a business into a corporation can have numerous beneficial effects. First, a business will enjoy certain tax benefits with this title. Another benefit enjoyed by businesses turned into corporations is a concept known as limited liability. Limited liability means that creditors can only seek to retrieve money from the assets of a corporation. Creditors will not be able to seek the personal assets of owners of a business with a corporation title.
Business lawyers Gold Coast can help determine if your business should be turned into a corporation. In addition, a business lawyer will find the necessary forms required for a for-profit corporation.
The next step in creating a corporation is choosing a name for the corporation. Choosing a legally separate identity is important for avoiding trademark and copyright issues. In some states, a lawyer will be able to help you search for a unique business identity. Some states have websites that can be used for document searches. Using the document search, a lawyer can search for particular names and see if that identity has been taken.
Commercial lawyers Gold Coast will help a business fill out the Articles of Incorporation as well. The Articles of Incorporation must be submitted to the Department of State. The Department of State usually requires four to eight weeks for processing the Articles of Incorporation.
A business lawyer is also helpful for anticipating future difficulties a business may face. If a corporation may face personal injury lawsuits in the future due to its nature, then an attorney may help a corporation obtain the necessary insurance to protect from such lawsuits. A business lawyer can also refer other sorts of attorneys that may best serve a business, such as a tax attorney. A lawyer will also be able to help a business become an S or C corporation or limited liability company.