Gillette Business Formation Attorney
Legal Guidance in Establishing a New Business
Forming a new business is an exciting undertaking. It is important to have the right business structure to reduce exposure to liability and to minimize future concerns as the company grows. When you are starting a business, a Gillette business formation attorney can provide sound legal guidance and help ensure you have all your bases covered.
What Issues Could Arise in the Formation of a Business?
Our skilled business attorney can assist you with any issues that may arise when you are forming a new business. We will ask several questions during your consultation to help us learn about your business goals and determine the best structure for your company. Issues that arise may include:
- Reducing exposure to liability
- Corporate governance
- Minutes and meeting
- Operating procedures and policies
- Employee considerations
- Duration of the business
- Tax advantages
- Transferability of ownership
- Future growth funding avenues
What Types of Business Entities Can Be Formed in Wyoming?
Business owners in Wyoming have a choice of different business entity types. Some of the most common include the following:
- Sole proprietorship: All that is required to start a sole proprietorship in Wyoming is to start doing something that brings in money, for example, renting out a building to someone else. The advantage of a sole proprietorship is freedom to do whatever you want with the profits and the business, provided you remain correct with the IRS.
- Limited liability company: This popular business structure is protected under business-friendly, Wyoming statutes. It combines the tax structure of a partnership and the limited liability features of a corporation. An LLC may be a good option if you are concerned about maximizing asset protection.
- C-corporation: A C-corp is a separate legal entity, established to protect the assets of owners from liability arising from business activities. This is the most common type of business entity in the country. One advantage of a corporation is the ability to attract investors by selling shares of stock in the company.
- S-corporation: This business structure offers tax advantages and may be more attractive to small business owners. Business income, along with many tax deductions, credits, and losses are passed through to the owners and not taxed at the corporate level. You can create an S-corp after incorporating as a traditional C-corp or LLC simply by filing documents with the state and the IRS.
- Partnership: A general partnership is a jointly-owned business in which two or more individuals agree to share in all assets, profits, and financial and legal liabilities. A limited liability partnership is a similar structure, except it provides each partner with protection from business liabilities. It may be the right structure for certain professional businesses, such as architects or attorneys.
What Are the Benefits of Business Formation?
There are many important advantages to business formation in Wyoming. Incorporating provides benefits sole proprietors and partnerships do not have, including:
- Duration: Corporations can continue after owners pass away or transfer their ownership interests.
- Tax advantages: Certain business expenses are tax deductible, for example, health and life insurance premiums.
- Limited liability: Creditors cannot take the personal assets of shareholders or members to satisfy business debts.
- Raising capital: A corporation can sell stock or take out a small business loan to raise capital for growth or strategic opportunities.
- Transferring ownership: Ease of transfer of ownership interests is one advantage of incorporating.
If you are ready to form a new business, contact Steven Titus & Associates, P.C. at (307) 257-7800. Our Gillette business lawyer can provide sound legal advice and guide you through the process. We can also be there to provide supportive services as you grow your business.
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