From the moment you begin any business activity, you can potentially be exposed to the debts and liabilities of that business. But choosing the right business entity and formally registering your company can help limit your personal exposure. Priori is committed to helping you find the right lawyer to help you form your business.
Significant advantages can be conferred when you decide to formally register your business:
Limited Liability. Establishing a separate entity for your business creates a legal distinction between the individual owners and the business itself. This separation shields owners from liabilities arising from the debts and other issues of the business.
Tax Benefits. Choosing the proper entity form and tax structure for your business can mean significant savings.
Reputation. Doing business as a legal entity legitimizes your business from the perspective of key stakeholders and third parties including customers, vendors, investors and others.
In order to create a business entity, you’ll need to file appropriate legal documents, pay required filing fees and, in some cases, meet additional “publicity” requirements. Such requirements vary based on the type of business formation you choose, as well as the state in which you form your new entity.