LLC and INCORPORATION
Incorporating your business can be very exciting as well as a big step towards reaching the goals for your ideas. We The People can walk you through the steps of how to form a corporation or LLC.
WE ALSO CREATE PROFESSIONAL CORPORATIONS (PC) - Please contact our office
There are many reasons to incorporate your business.
-It makes you look more professional and legitimate
-It provides you with limited personal liability
-It provides you with tax benefits that you could not take as an individual operating a business
-It allows ownership to be freely transferable
A corporation is a legal entity separate and distinct from its owners. The forming of a corporation, also known as “incorporation” requires the filing of documents (Articles of Incorporation) with the Secretary of State. The corporation can have as few as one person as the incorporator and owner of all the shares of stock. Small corporations are typically formed with 200 shares of no par value stock. That is the lowest number of shares for tax purposes and havingshares with no par value allows you to set the price at any amount later on after your business becomes successful.
The limited liability of the corporation generally means that the shareholders (and incorporator,directors and officers) are not personally liable for obligations of the obligations of the company. As long as the corporation’s income and expenses are kept separate from those of the individuals, the only risk is to their investment in the business. They generally cannot be sued for debts of the corporation or for any other responsibility of the corporation.
What you need to know about how to form a corporation: All corporations formed start out as what is called “C” corporations. However, most small businesses file forms with the state andfederal government to elect to be converted to a “Subchapter S” corporation. Filing the paperwork to become an “S” Corp allows profits and losses to flow through the entity directly to the owners. As a result, the owners/shareholders avoid double taxation and are not taxed twice, only once on their own individual tax returns.
Our fee of $324 to form the corporation includes a Free Name Check (to see if the name you have chosen for the corporation is available, the Certificate of Incorporation, Employer Identification Number (EIN) information, and Subchapter S Election documents. We can also provide a "Corporate Kit" for $75 which includes Minutes, Bylaws, Seal, Stock Certificates and Transfer Ledger. There are no hidden charges or undisclosed fees as with some of our competitors.
We The People of NY can help take your ideas and business to the next level. Let We The People provide all the legal document assistance necessary to prepare and walk you through the process of how to form a corporation. Get started today by calling or stopping by our conveniently located office. No appointment is necessary. We The People provides honest, personal service you can trust.
NOT FOR PROFIT and 501(c)(3)
A not for profit or a 501(c)(3) is a type of corporation formed for purposes other than making a profit. Their involvement can range from charities, arts, healthcare and more. Commonly the new not for profit business will be formed by incorporating in the state in which they expect to conduct business.
Unlike other business structures, not for profits can be tax exempt. However there are some specific items that must be completed to attain tax exempt status with the IRS as well as with the New York State Taxation division.
Steps required to achieving Tax Exempt status for a Not For Profit:
Select a unique company name that meets New York State requirements.
Complete and file the articles of incorporation, and pay a small filing fee
Submit federal and state tax exemption applications.
Create corporate bylaws, which set out the operating rules for your nonprofit corporation.
Appoint the initial directors.
Conduct the first board of directors meeting
A legal documentation preparer can assist filling out all the necessary paperwork. Let the experts at We the People of NY help you achieve your not for profit status.
FORM A CORPORATION
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