Corporations are loosely defined as any business entity separate from its owners. This protects entrepreneurs from personal loss in case of bankruptcy or litigation as well as provides a few other benefits. Corporations can be either for-profit or non-profit, and in California they are incorporated under different sets of laws. Once established, a corporation has most of the same legal rights as a person and is considered a citizen of its state.
There are obvious advantages to owning one, but many people don’t know where to begin the process of corporation creation. Thankfully, a legal consultant can walk you through each step and prevent costly errors. First, a name for the business must be decided upon and checked for availability. Then the shareholders are named and bylaws are drafted while the articles of corporation are approved by the secretary of state. Finally, there are meetings, taxes, stocks and banking to consider.
The advent of electronic applications and quicker review times has made corporation creation easier than ever before, but its a daunting feat for anyone without professional training. Hiring a skilled lawyer from We Legal APC can turn weeks of fretting and frustration into a headache-free procedure. After incorporation, it is wise to retain occasional legal services to manage the daily affairs associated with running a company.
If you would like more information, or would like to discuss your situation with a Corona Business Law attorney, please contact WE Legal, APC.