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 Zip Code 45662

Orientation to Incorporation in Zip Code 45662


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 OH 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 OH 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 Zip Code 45662
Nash Richard M
526 7th St
Portsmouth, OH 45662
(740) 353-9850
Attorneys
LR Paralegal Services, LLC
2906 Gilbert Ave
Portsmouth, OH 45662
(740) 727-9355
Tax Return Preparation-Business, Tax Return Preparation, Accountants-Certified Public, Paralegals
Shedroff Marcia
602 Chillicothe St # 205
Portsmouth, OH 45662
(740) 355-9099
Attorneys, General Practice Attorneys
Mc Kenzie Ronald E
800 Gallia St # 703
Portsmouth, OH 45662
(740) 354-8602
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
Triplett Aaron R
4705 Old Scioto Trl
Portsmouth, OH 45662
(740) 353-8111
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
Gerlach & Gerlach
814 7th St
Portsmouth, OH 45662
(740) 354-7755
Social Security & Disability Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Personal
Buckler Jerry L
531 6th St
Portsmouth, OH 45662
(740) 353-6604
Attorneys, Probate Law Attorneys, General Practice Attorneys, Legal Service Plans
Cassity/Brazinski, LLC
602 Chillicothe Street Suite 700A
Portsmouth, OH 45662
(740) 370-6444
Criminal Law Attorneys,  Family Law Attorneys,  Business Law Attorneys,  Bankruptcy Law Attorneys,  
Buckler Ruth
533 6th St
Portsmouth, OH 45662
(740) 354-6100
Attorneys, General Practice Attorneys
John McHenry
806 6th St
Portsmouth, OH 45662
(740) 355-5355
Bankruptcy Law Attorneys,  Bankruptcy Services,  Attorneys,  Business Bankruptcy Law Attorneys,  Gen
Cutter Hall Karlock
1625 Offnere St
Portsmouth, OH 45662
(740) 354-4911
Social Security & Disability Law Attorneys,  Attorneys,  Social Security Services,  Legal Service Pl
Davis IV George L
602 Chillicothe St # 802
Portsmouth, OH 45662
(740) 353-4661
Attorneys Referral & Information Service, Attorneys
Gambill John
630 6th St
Portsmouth, OH 45662
(740) 353-4567
General Practice Attorneys, Attorneys
Dearfield G Timothy
800 Gallia St # 28
Portsmouth, OH 45662
(740) 354-4483
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Bainbridge Thomas H
711 Findlay St
Portsmouth, OH 45662
(740) 370-4237
Corporation & Partnership Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Accident &
Bainbridge Andrew J
711 Findlay St
Portsmouth, OH 45662
(740) 370-4237
Corporation & Partnership Law Attorneys, Attorneys, Labor & Employment Law Attorneys, Accident & Pro
Lawyers Title
701 6th St
Portsmouth, OH 45662
(740) 354-4200
Title Companies, Abstracters, Attorneys, General Practice Attorneys
Johnson Oliver & Howard
701 6th St
Portsmouth, OH 45662
(740) 354-4200
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorn
Bender Stanley C Atty
707 6th St
Portsmouth, OH 45662
(740) 353-4191
Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans
Tieman Shane A
707 6th St
Portsmouth, OH 45662
(740) 353-4191
Family Law Attorneys, Attorneys, Legal Service Plans
Michael H Mearan Atty
812 6th St
Portsmouth, OH 45662
(740) 354-3643
General Practice Attorneys, Attorneys
Wolfson Richard E
812 6th St
Portsmouth, OH 45662
(740) 354-3643
Attorneys, Legal Service Plans
Miller Searl & Fitch
806 6th St # 200
Portsmouth, OH 45662
(740) 354-3600
Attorneys
Dru A. Shope of Edwards Klein, Anderson & Shope, Lpa Attorneys-At-Law
745 7th St
Portsmouth, OH 45662
(866) 241-3344
Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US