Incorporation is a serious matter. It says that you are committed to being successful. It says your business is here for the long term, so customers and partners can count on it. It says you expect future wealth, so placing your assets inside the correct entities to protect them is smart. It says you know that the tax code favors business, and by using entities in the right combination you can grow your wealth faster, for the benefit of you, your family and your community.
The key is getting the structure right.
Business Structuring Call – At the end of this step you will have an entity structure that works for you in your specific circumstances.
Mistakes are expensive, in terms of dollars and emotional energy. Listening to a radio ad and then incorporating on-line may cost you more in the long run than you ever imagined. If you are a resident of California, for example, do you think you can avoid paying taxes and franchise tax board fees by incorporating in Nevada? If you are active in the management of that company, you need to be aware that forming an out-of-state entity and failing to register it in CA can result in charges of tax fraud. What you don’t know can put you in jail.
We structure our clients individually to ensure we take all circumstances into account. Before your business structuring call, you will be asked to fill out a questionnaire detailing where you are today in terms of businesses, assets, and current entities, and where you want to go in the future. Your business structuring adviser will review each item on the questionnaire, and discuss the various approaches that would work for each piece. There is no single solution that fits everyone, so it is important to understand the pros and cons of each possible choice. At the end of the call, the adviser will bring all the pieces together into a comprehensive plan, and discuss your first steps to move forward.
You will receive a complete report outlining your current situation, your goals and intentions and our recommendations for your structuring roadmap and clear explanations of the rationale for each recommendation.
Business structuring is generally the first step in the incorporation process; however, this service can be purchased separately.
Entity Formation – At the end of this step you will have a package you can take to the bank.
We file in all 50 states plus DC. Once you understand your entity structure, it is time to get started. During your call, you will have discussed with your adviser the timing of each component in your structure. When you send us the order form for the entity you want, we file the legal documents with the state to create your entity. Since we keep notes from the strategy call in our database, we try hard to catch any mistakes in the requested state of incorporation or tax election, so you may get a call from us just to check.
Once the filing is complete, we obtain your Employer Identification Number (EIN) for the entity, prepare any additional IRS forms if needed to change the tax election, and prepare your minute book. Your minute book will contain all the documents you need to take to the bank to open a business account and request a business credit card, including your filing documents, a print out of your EIN, an agreement appropriate to your entity type, pro forma minutes, certificates and a company seal.
If you have questions during this process, you can speak to your structuring adviser or contact the appropriate specialist on our staff.
On-going Education – This step never ends; and you start by completing the paperwork in your minute book and learning how to keep your company strong.
You need to know how to maintain the health of your entity. One of the reasons you create a business entity is to give you protection – liability protection, asset protection or both. However, the walls of your entity can be pierced in the blink of an eye if you do not do simple things to show that you are managing your business professionally as an entity separate and distinct from you, the owner.
We start your education with an invitation to walk you through your minute book to complete the paperwork and to learn the 7 things you need to do to keep your company healthy.You will run your first owners’ meeting at this time and issue your ownership certificates. Your membership includes weekly e-mails and regular e-learning modules to smooth the path to understanding the issues of keeping your company in compliance. In addition, you will be invited periodically to teleconferences on topic of interest to business owners.
The business structuring call, entity formation and education are our foundation services, and there are many additional offerings to help you as you grow.
To order your Business Structuring Session, Click Here to Begin!