Do You Need A Lawyer to Incorporate?

Filed Under Business Law · Tagged:  

By: Law Offices of Ronald J. Salvato – Orange County, NY Business Attorney

Business LawIf you are a business owner and you finally decided to form a corporation, the question of whether you should hire a lawyer will cross your mind sooner than later. There are plenty of advertisements that tell you how easy it is to form a corporation on your own and how much money you can save by doing so. But what these advertisers do not take into account is that not all business owners possess the knowledge they need to form their own corporation, even if they are provided with basic information.

One of the main reasons a business owner might not be able to form a corporation on their own is because they might not be aware of the different types of corporations. If you do not possess the knowledge you need, then how can you be sure that you’ve chosen to form a corporation that’s right for you and your business? Even if you’ve decided on a type of corporation, do you know what you need to do next? For example, do you know which of your assets should be transferred into your company and how you go about doing it? If you do not understand the differences between the available entities then it’s probably not wise to form your own corporation. If you incorrectly or incompletely set up your business entity it can have implications for tax liability and personal liability in the event of a lawsuit.

If your business is very complex, it is highly recommended that you hire a good business attorney. Also, a good business attorney will help you figure out which business entity is right for; which entity is most beneficial to you. They will help you get all the benefits that you might miss out on if you were to form your own corporation. For instance, if you do not follow all the necessary steps to forming a corporation, you could lose the benefits of limited liability that you were probably seeking in the first place. A business attorney will make sure you do not make that mistake.

In conclusion, it is not legally required to hire an attorney to form a corporation. However, hiring a good business lawyer will likely save you more money in the long run. Some entrepreneurs just feel more assured when they have a business lawyer by their side when they are incorporating.

About Ronald J. Salvato: Located in Orange County, NY, Mr. Salvato has nearly twenty years of practice as an attorney.  His areas of expertise include corporate and business law, civil litigation, and real estate law.  He has worked primarily as civil litigator of lawsuits including the litigation of contract disputes, and personal injury cases. In addition the firm has assisted clients in the preparation of wills, estate planning, trusts, power of attorney, and landlord tenant disputes, including evictions.  Please contact him for all of your Business Attorney needs in Orange County, NY.  He also serves Ulster, Sullian, Dutchess and Putnam counties!"  For more information please browse the website or click here to go to the home page.