Business Formation Basics
We set up entities for our clients in all 50 states, including the Virgin Islands. We consider this set-up procedure as a ‘full service’ process including all necessary consultations with an attorney to plan for the proper entity from the start of the process to the finished product. We include all filing fees, mailing costs, the filing of all necessary State and IRS Forms in order to form the entity and a comprehensive ‘corporate book’ with stock certificates and a company seal. For a quote on this service, please call our office.
Below is some general information to help you in determining which type of entity is best for you. If you have any further questions or would like us to set up an entity, please contact our office.
There are Three Critical Issues to consider when deciding what type of entity will fit your needs:
1. Asset Protection.
2. Management and Maintenance Costs.
3. Tax Minimization.
Oftentimes, when a business owner forms a new entity, they make their selection based on only one consideration. For example, one individual may choose an entity based on minimizing taxes, while another individual will make his/her decision strictly on the basis of asset protection. Although it is true that every person will base their ultimate decision of what entity to operate based on one principal concern, it is important to consider all of the implications.
Each of the “Three Critical Considerations” outlined above provides a basic framework of the major concerns a business owner may have in the operation of his or her business. It is important to get current and accurate information regarding the impact each entity may have in your unique position.
1. Full Service Option
Unlimited Attorney support during the process for ANY entity in ANY state for $800+ filing fee (for a Series LLC it would be $200 more or $1,000+ filing fee). Our services will include drafting all necessary documents, creating a corporate kit, filing all necessary forms with the State and IRS to obtain Tax ID numbers, publication costs, mailing charges, and any and all support from the Attorney to get the entity formed and coordinated with your overall business and estate planning structure.
2. Paralegal Service Option
This is at a deep discount that is even cheaper than Legal Zoom and with the quality of a law firm. You have a Paralegal following through with the documents with the SAME services as the “Full-Service Option” above, BUT WITHOUT an attorney consult. The fee is $400 + filing fee for an LLC in any state or $450 +filing fee for Corporation in any state ($600 +filing fee for a Series LLC).
3. IRA/LLC Service Option
This is an LLC that has a retirement plan or several plans as members of the Company, which we often times refer to this type of company as an “IRA/LLC”, we provide consultation and formation support in all 50 states. Our services will include drafting all necessary documents, creating a corporate kit, filing all necessary forms with the State and IRS to obtain Tax ID numbers, including the costs for any state filing fees, publication costs, mailing charges, and any and all consulting with the attorney or paralegal to get the entity formed and coordinated with your overall business planning structure. The fee for the IRA/LLC is $800 plus state filing fees if there is only one owner/member of the IRA/LLC, and is $1,500 plus state filing fees if there are two or more owners/members.
* A note about the Registered Agent service. You can serve as your own R.A., but you must provide a Street Address. You can also use our service (provided in all 50 states) for an annual fee of $125. Some clients like this for privacy purposes so they can use our street address for ‘public registration’ and utilize a P.O. Box for the business address.