12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Orientation to Incorporation in Kings Canyon National Pk, CA

Orientation to Incorporation in Kings Canyon National Pk, CA


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.

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.

 
Personalize & Print a Free CA Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free CA Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Kings Canyon National Pk, CA
Ronsin Attorney Svc
740 Texas St
Fairfield, CA 94533
(707) 425-9987
Attorneys Support & Service Bureaus, Attorneys, Legal Service Plans
Mc Dougal & Co
2515 Venture Oaks Way # 380
Sacramento, CA 95833
(916) 924-9911
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Bixler Gary
1391 W Grand Ave
Grover Beach, CA 93433
(805) 473-9793
Attorneys, Legal Service Plans
Unity Immigration Law Office
11230 Garvey Ave # B
El Monte, CA 91733
(626) 575-9777
Immigration & Naturalization Consultants, Attorneys, Immigration Law Attorneys, General Practice Att
Dummit Faber Briegleb & Di Amond Law Offices
1661 Garden Hwy
Sacramento, CA 95833
(916) 929-9600
General Practice Attorneys, Attorneys, Legal Service Plans
Walther Mark A
540 Pacific Ave
San Francisco, CA 94133
(415) 981-9490
Attorneys, General Practice Attorneys
Honeychurch Criminal Law
823 Jefferson St
Fairfield, CA 94533
(707) 344-9188
Criminal Law Attorneys,  Attorneys,  DUI & DWI Attorneys,  Personal Injury Law Attorneys,  Legal Cli
Murphy & Gilmore
1039 Green St
San Francisco, CA 94133
(415) 765-9000
Attorneys, General Practice Attorneys
Goodman & Herbert
744 Empire St # 103
Fairfield, CA 94533
(707) 422-8911
Family Law Attorneys, Attorneys, Divorce Assistance, Divorce Attorneys, Legal Service Plans
Roka Akor
500 Jackson St
San Francisco, CA 94133
(415) 362-8887
Personal Injury Law Attorneys
Chinese Bay Services
1341 Stockton St
San Francisco, CA 94133
(415) 362-8866
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Ladva Law Firm
530 Jackson St
San Francisco, CA 94133
(415) 296-8844
Attorneys, Labor & Employment Law Attorneys, Personal Injury Law Attorneys, Legal Service Plans
DeRonde John A
460 Union Ave
Fairfield, CA 94533
(707) 429-8730
Attorneys, Divorce Attorneys, Family Law Attorneys
DeRonde And DeRonde
460 Union Ave # B
Fairfield, CA 94533
(707) 429-8700
Divorce Attorneys, Family Law Attorneys, Attorneys
Labor Law Office
622 Jackson St
Fairfield, CA 94533
(707) 639-8563
Labor & Employment Law Attorneys, Attorneys
Herreras William A
200 S 13th St Ste 212
Grover Beach, CA 93433
(805) 473-8550
Attorneys, Legal Service Plans
Rhoda Chandler, Certified Family Law Specialist
539 Jackson St
Fairfield, CA 94533
(707) 425-8500
Family Law Attorneys, Attorneys
Anderson Beth
550 Webster St # 3
Fairfield, CA 94533
(707) 427-8440
Family Law Attorneys, Attorneys, Legal Service Plans
Gallas Joseph
150 S 13th St
Grover Beach, CA 93433
(805) 489-8411
Social Security Consultants & Representatives,  Attorneys,  Social Security Services,  Social Securi
China Central Service
1235 Stockton St
San Francisco, CA 94133
(415) 982-8318
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Chin Eddie Y
1123 Stockton St # 1
San Francisco, CA 94133
(415) 989-8168
Immigration Law Attorneys, Immigration & Naturalization Consultants
Dana's Paralegal Service
733 Texas St
Fairfield, CA 94533
(707) 422-8033
Divorce Assistance, Legal Document Assistance, Attorneys, Family Law Attorneys, Divorce Attorneys, P
Hermandad Mexicanca Nacional
310 N Soto St
Los Angeles, CA 90033
(323) 260-8012
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
H Vl Associates
9611 Garvey Ave
South El Monte, CA 91733
(626) 279-7988
Paralegals, Legal Document Assistance
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US