Easy Questions  
Free Legal Documents

Orientation to Incorporation in Adirondack, NY

Orientation to Incorporation in Adirondack, NY


Many companies expect loyal customers without providing loyal service. This has been the visionary failure of countless corporations.
 
- Steve Maraboli


Forming a corporation limits the personal liability for business debts. However, there is more to the creating and running a corporation than doing paperwork. You have to spend your time in the business keeping a good record of all the business activities so that you will not find it hard to handle more complicated tasks like filing a corporate tax return. In terms of limiting liability, you have to be sensible in terms of decision making and record keeping. Getting organized is the key.

How to Form a Corporation

• File an "Articles of Incorporation" at the corporate divisions in the secretary's office of your state government.

• Create a corporate "bylaws" that states the basic rule that govern the ongoing decision or formalities of the corporate life.

• Issue stock certificates of the initial owners or shareholders of the corporation and document the ownership interest or the shares of stock in the business.


To retain the corporate status as a legal, separate entity, certain formalities should be observed by the owners of the corporation. This includes:

• Holding of directors' and annual shareholder meetings

• Minutes of meetings and agreement or decisions should be documented

• Signing of documents by the corporate officers and directors should be done under the name of the corporation

• Bank accounts are separate from the personal accounts of the owners

• Maintain a detailed financial records

• Income tax return should be filed separately

Limited Personal Liability

Personal assets of the people involved in the corporation are protected from the creditors. In cases where a corporation owes a creditor, your personal assets is protected because only corporate assets will be use to pay the debts. The only money you will likely end up losing, is the money you have invested in the corporation.

Exceptions to Limited Liability

There are situations where the owners' personal asset is not protected by limited liability. The owner of the corporation will be held personally responsible if:

• Directly and personally injured another person

• Personally guarantees a bank or business loan which the corporation fail to pay

• Fail to deposit withhold taxes from employees

• Intentionally engage in fraudulent causes that can harm the company

• Treats the corporation like an extension of his personal affairs and not as a separate legal entity

Corporation should be treated as a separate legal entity. This is the very important especially in cases involving court proceedings. The court can rule that the corporation does not exist and the owners should not be shielded from their personal liability for their actions. This is likely to happen if you did not follow the routine corporate formalities such as:

• Adequately investing money in the corporation

• Formal issuance of stock to the initial shareholders

• Holding of meetings regularly of the directors and shareholders

• Keeping a separate business records and transactions from those of the owners


Liability Insurance

Forming a corporation can protect your personal assets but it should not be an excuse for not getting insurance. Insurance can be a good investment that can protect the company from lawsuit and claims. The risk of doing business can be minimized by getting a solid liability insurance policy. Any claims made by the corporation can be covered by the insurance as long as the corporation is also doing its part like paying the bills and other corporate responsibilities.

Paying Corporate Income Tax

Corporate income tax refers to the taxes paid by the corporation on whatever profits they left after it has paid all the available expenses like salaries, bonuses, overhead and other expenses. It uses a tax return form to be filed to the IRS and pay taxes at a special corporate rate tax. In terms of the owner, if he is working for the corporation, he should be paid a salary and possible bonuses like other employees and pay their taxes using their own personal tax return.

Corporation shareholders can choose to elect an S corporation status by filling at the IRS a tax Form 2553. Using this form can mean that the corporation will be treated like a partnership where business profits and loss will be reported on the each shareholder‘s individual tax returns.

 
Edit, Download, & Print a Free
New York Last Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Edit, Download, & Print a Free
New York Living Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
 
Edit, Download, & Print a Free
New York Power of Attorney
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Adirondack, NY
Adler Michael
4060 Amboy Rd
Staten Island, NY 10308
(347) 382-9764
Bankruptcy Services,  Attorneys,  Bankruptcy Law Attorneys,  Real Estate Attorneys,  Legal Service P
Samantha French Noda, LLC
P.O. Box 1027
New York, NY 10008
(917) 364-9340
General Practice Attorneys, Patent, Trademark & Copyright Law Attorneys, Attorneys
Mc Kinnis Law Offices
12 Locust Ln
Bronxville, NY 10708
(914) 793-9215
Insurance Attorneys, Attorneys, Business Law Attorneys
Spiegel Brown Fichera & Cote
1203 North Ave
Beacon, NY 12508
(845) 896-8840
Criminal Law Attorneys,  Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys
Palumbo Karen C
1203 North Ave
Beacon, NY 12508
(845) 831-8300
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Adoption Law Attorneys,  Legal Servi
Detommasi Anthony J MD
17 Woodlawn Ave
Albany, NY 12208
(518) 438-8030
General Practice Attorneys, Attorneys
Colin Law Office
19 Greystone Cir
Bronxville, NY 10708
(914) 771-7711
General Practice Attorneys, Attorneys, Legal Service Plans
De La Fleur Brian
1334 Union St
Schenectady, NY 12308
(518) 374-7700
Attorneys, Legal Service Plans
Brockbank Michael T
1494 Wendell Ave
Schenectady, NY 12308
(518) 374-6815
Estate Planning Attorneys, Attorneys, Elder Law Attorneys, Real Estate Attorneys, Legal Service Plan
Nobile Magarian & Di Salvo
111 Kraft Ave
Bronxville, NY 10708
(914) 337-6300
Attorneys, Legal Service Plans
Newstad William ESQ
3884 Amboy Rd
Staten Island, NY 10308
(718) 317-6207
General Practice Attorneys, Attorneys
Counsel Press
295 S Main Ave # 795
Albany, NY 12208
(518) 458-6044
Paralegals,  Publishers-Periodical,  Arbitration Services,  Financial Services,  Arbitration & Media
Johnson Timothy R
144 Main St
Morris, NY 13808
(607) 263-5741
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Alishahi Amir
3925 Hylan Blvd
Staten Island, NY 10308
(718) 984-5555
General Practice Attorneys, Attorneys
Dimassimo James D
263 Plymouth Ave S
Rochester, NY 14608
(585) 546-5510
General Practice Attorneys, Attorneys
Steinbrenner Law Offices, LLC
104 Troup St
Rochester, NY 14608
(877) 350-5455
Commercial Law Attorneys, Antitrust Law Attorneys, Business Law Attorneys, Small Business Attorneys
Penzetta Dominick
33 Henry St
Beacon, NY 12508
(845) 831-5291
Attorneys, Business Law Attorneys, Real Estate Attorneys, Legal Service Plans, Estate Planning Attor
Timothy G Griffin At Law
77 Pondfield Rd
Bronxville, NY 10708
(914) 771-5252
General Practice Attorneys, Attorneys, Legal Service Plans
Morris James
70 Millard Ave
Bronxville, NY 10708
(914) 793-5060
General Practice Attorneys, Attorneys, Legal Service Plans
Bridgham Ruth
524 Madison Ave # 1
Albany, NY 12208
(518) 434-4926
Attorneys, Legal Service Plans
De Maria Joseph G
301 Exchange Blvd # 204
Rochester, NY 14608
(585) 232-4910
General Practice Attorneys, Attorneys, Legal Service Plans
Rebecca Bauscher
668 Madison Ave
Albany, NY 12208
(518) 426-4786
Attorneys,  Child Custody Attorneys,  Divorce Assistance,  Family Law Attorneys,  Divorce Attorneys
Mclaughlin Kevin
75 Pondfield Rd
Bronxville, NY 10708
(914) 779-4613
Attorneys, Legal Service Plans
Bmh Paralegal Svc Inc
438 Doane Ave
Staten Island, NY 10308
(718) 967-4592
Paralegals
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US