Incorporations/LLC Formations/Partnership Formations
The old saying “Good fences make good neighbors” means a lot when it comes to setting up a corporation, a limited liability company (sometimes called an LLC), or a partnership. Creating a new business entity is much like building a fence between your business life and your family’s assets. Several differences exist between a corporation and a limited liability company, and it’s good to have someone help you choose the best format for your new company.
Many discount incorporation services file the necessary documents to set up a business with the Secretary of State, but they fall short of giving you the tools to operate your new business wisely. You may also need assistance in obtaining a tax identification number, opening a new bank account, and deciding how best to create contracts with suppliers and customers.
Some types of businesses, like physician practice groups and health care service organizations, can benefit from a structure with multiple layers to maximize liability protection. Extra attention is needed to make sure that the governing documents for those companies properly address the specific issues that arise with multiple entities.