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Corporate/LLC Formation
Corporate formation and documentation involves the procedures companies take to document all major decisions to fulfill legal and regulatory requirements and to develop a strong legal foundation in order to secure the financing needed to grow the business. It is particularly important for companies that are just starting out or ready to expand to the next level.
In addition to corporations (both S Corps and C Corps), limited liability companies (LLCs) are a popular legal entity used for establishing a business, especially one with multiple owners. Although both forms of business can shield personal assets, each one has its own distinct benefits and potential disadvantages.
This practice area requires an expertise in business structure and formation, financing, partnerships and intellectual property.
Why Corporate/LLC Formation Counsel is important
All business entities–from corporations to limited liability companies (LLCs)–are required by law to meet ongoing documentation requirements, such as holding annual meetings, maintaining minutes and recording key business decisions. This documentation is not only a legal requirement–it is good business practice.This is precisely the information that potential investors and purchasers look at when financing and buying small and mid-size companies.
An experienced legal advisor can help companies establish the documentation and business structures required to succeed and grow. Conversely, without sound legal advice on key corporatematters, a company can limit its ability to secure the necessary financial capital or face fines for regulatory non-compliance.
A Cautionary Client Tale
How one client learned the hard way that "fast" and "cheap" and "online" wasn't the best way to start her company.
Read more…
How Nina L. Kaufman, Esq. can help
Many business owners are unaware of how their actions (or lack of action) in this important practice area can adversely affect their companies–both now and in the future. But as experienced business owners ourselves, we know first-hand the legal, financial and other challenges that small and mid-sized companies face during the start-up and growth phases of their business. We help clients weigh the legal, tax and related issues to determine the best legal form of business for them–whether a company starts with one or multiple owners.
Nina L. Kaufman, Esq. provides sound legal advice and assistance for a full range of corporate and LLC formation matters, including:
Structure
Business Structure
- Transaction and business structuring
- Forming corporations and limited liability companies
- Establishing partnerships
- Preparing and filing fictitious name statements ("DBAs")
- Corporate governance
Partnerships
- Preparing operating, shareholder and partnership agreements (including those of professional practices)
- Uncontested partnership dissolutions
- Developing succession plans
Required Documentation
- Recording of resolutions, minutes and major decisions
Intellectual Property
- Copyright, trademark and service mark filings
See whether there's a flat fee or services package for business formation issues that meets your needs by visiting our Flat Fee/Package page.
A Cautionary Client Tale
In a rush of enthusiasm, a New York-based client started her wellness company doing the first thing she could think of: forming her business entity. Trying to save money, she did some research on the Internet, chose a form, and then filed for a Delaware LLC with one of the online services . . . all, of course, without consulting with tax or legal counsel.
Six months later, she came to us, feeling overwhelmed with all of the details of getting her business off the ground.When we asked “Have you formed an entity?” “In which state?” and (crucial for New York) “have you complied with the publication requirement?” – she blanched. The online service was unfamiliar with the quirks of formation in New York. It turns out that being penny-wise online, was a “pound-foolish” mistake, costing her thousands of dollars more in additional expenses than she anticipated.Plus, her company was out of compliance with New York law, and would not have been entitled to avail itself of the courts, should a dispute arise.
This situation demonstrates the risk of relying on online services to do the work of an attorney.It’s an attorney’s job to advise you about your particular situation. Online services are not in the business of providing you with specific legal advice – and indeed, they can’t (or shouldn’t), as they’re not licensed attorneys.