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Corporate Law can widely vary from state to state. For a 'de jure' corporation to exist, the appropriate forms and articles of incorporation must be filed with the Secretary of State. A corporation is a legal fiction independent and separate from the identity of the owner. Even though the corporate entity is fictitious, it is treated the same as a person for many purposes. For instance it can enter into contracts, own properties, and file a lawsuit or be sued. Some people assume that the only way to set up a business is to form a corporation. This assumption is not necessarily true. Often, it would be more beneficial to set your business up as a partnership or so on. And even if a corporation is decided, should it be a C-Corporation, S-Corporation or L.L.C.? These distinctions could have major implications in your personal exposure to liabilities and the amount of taxes that you will have to pay. Sometimes your interests may be best served if you file for a Limited Liability Partnership or a Limited Liability Company, L.L.C. If you wish to own your own business but don't know which entity is best for you, contact Chosen Lawyers and get your problems solved by a learned professional.
