Business Formations

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Business Formations

If your business is important enough to operate through a business entity, it is important enough to get professional help upon its formation.

Business owners are often unaware of how a subtle difference in the formation of a business changes their personal exposure to creditor claims and tax liabilities.

[fullwidth backgroundcolor=”” backgroundimage=”” backgroundrepeat=”no-repeat” backgroundposition=”left top” backgroundattachment=”scroll” video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” bordersize=”0px” bordercolor=”” borderstyle=”” paddingtop=”20px” paddingbottom=”20px” paddingleft=”0px” paddingright=”0px” menu_anchor=”” equal_height_columns=”no” hundred_percent=”no” class=”” id=””] [separator style_type=”shadow” top_margin=”20″ bottom_margin=”20″ sep_color=”#88341c” icon=”” width=”” class=”” id=””] [fusion_text] The most common mistake, particularly with LLC’s taxed as an S-corporation, is the failure of the business entity formation documents to qualify for the selected tax classification. This is common in situations where low-price online services are used. Under IRS scrutiny, this could lead to tens of thousands of dollars in unnecessary income taxes and penalties assessed against you. We combine our knowledge of tax laws with over fifteen years of business formation experience when we draft your formation documents to avoid such costly mistakes.

Sorrell Law Firm provides our business clients with a full service set of documents, including:

[/fusion_text][checklist icon=”fa-sort-desc” iconcolor=”#88341c” circle=”no” circlecolor=”” size=”medium” class=”” id=””][li_item icon=””]Articles of Organization[/li_item][li_item icon=””]Statutory Agent Consent[/li_item][li_item icon=””]Operating Agreement (Specific to your tax classification)[/li_item][li_item icon=””]Initial Member Action In lieu of Organizational Meeting[/li_item][li_item icon=””]IRS Tax Classification Request Form[/li_item][li_item icon=””]Tax ID Number Application[/li_item][li_item icon=””]Owners Manual (explaining all the legal documents)[/li_item][/checklist][fusion_text] Yes, you can find an online service to provide you with articles of organization and help you get your LLC filed with the corporation commission for bare minimal costs. But you get what you pay for. If you skimp on the attention you give to forming your business, your will pay far more in the future when you find out that the bare minimum did not provide you with actual asset protection when needed, or when the IRS hits you with taxes, penalties and interest because the “do it yourself” plan lacked proper documentation or smart legal advice.

We understand the tax and non-tax implications between a corporation, limited liability company, S corporation and partnership. Our value lies in the details of how the business documents are drafted, how they integrate with tax planning opportunities, and how they are maintained over the life of your business.