We understand that forming or restructuring a business is often exciting and many want to simply get started.
But as there are many forms that a business enterprise can take we strive to ensure that the business has a solid, well structured foundation. Few clients come in with a complete understanding of what type of business will suite them best. Thus, we take the time to sit down with you and ask a series of questions that help us better understand what criteria are important. Some of these questions include: Do you want the ability to raise capital? What type of revenues are you anticipating? Are any of the partners foreign born? Are professional licensees involved?
After we have an understanding of what type of business is best for you we will quickly move in that direction. Our goal is to give you everything you need to create, revive, dissolve, or reorganize business entities. The following is an outline of the most common business entities today.
Limited Liability Company (LLC)
LLCs have become one of the most common legal entities in the business world.
When creating an LLC we will work closely with you in obtaining or creating the following:
- Articles of Organization
- Operating Agreement
- Tax ID Number
- Statement of Information
- Corporate Book and Corporate Seal
- First Meeting Minutes
Corporations (S-Corp or C-Corp)
Corporations are also a popular form that many businesses take. When creating a corporation we will work closely with you in obtaining or creating the following:
- Articles of Incorporation
- Bylaws
- First Meeting Minutes
- Tax ID number
- Register Your Shares with the California Department of Corporations
- Corporate Book with Corporate Seal
- Issue Stock
- Statement of Information
- Form 2553 (only needed for S-Corp)
Closed Corporation (Closed Corp)
Closed Corporations have a limited number of shareholders (35) and don’t have a board of directors and no shareholder meetings. These are less common but similar in forms to S-Corps and C-Corps.
Professional Corporation (Professional Corp)
Professional Corporations are limited to individuals who have a specified professional license. These are common for those in law, medicine, accountants, and therapy/counseling.
Limited Liability Partnership (LLP)
LLPs are open only for firms comprised of lawyers or accountants. When creating an LLP we will work closely with you in obtaining or creating the following:
- State Documents
- Operating Agreement
- Any and all documents needed to be compliant in the California State Bar
Limited Partnership
Limited partnerships are typically used in real-estate and investment settings where one or more party does not have direct control over their investment. This requires the formation of two entities. The General Partner which has all decision making along with all liability to the Limited Partners.
Not-for-Profit (Non-Profit)
Non-profits are organizations that use surplus revenues to achieve its goals rather than distributing them as profit or dividends. When creating a non-profit we will work closely with you in obtaining or creating the following:
- Articles of Incorporation
- Bylaws
- Statement of Information
- First Meeting Minutes
- 501c3 Documents
Contact us today to speak with a business formation lawyer in San Diego.
