Business Formation
Business formation is the process of legally establishing a new business. This includes:
(i) Selecting the appropriate business structure (like sole proprietorship, partnership, LLC, or corporation).
(ii) Creating the necessary legal documents (like partnership agreements, operating agreements, articles of incorporation, bylaws, and shareholder agreements).
(iii) Registering the business with relevant authorities (Secretary of State, State tax authority, IRS, and Corporate Transparency Act filing with FinCen).
(iv) Ensuring compliance with all applicable laws and regulations.
These components help entrepreneurs navigate the complexities of legal requirements, minimize potential risks, and build a solid foundation for their business.
Authorities For Further Research(i) State statues and case law.
(ii) State tax or revenue department rules and regulations.
(iii) United States Code, Title 26 (Internal Revenue Code (IRC))
(iv) United States Code, 31 U.S.C. § 5336 – Beneficial ownership information reporting requirements
