Forming your business entity at Legacy Counsel is not one size fits all for everyone. If you wanted once size fits all, you could use a document drafting service or online legal document website.
Before we form your entity, we get to know you, what’s important to you, what your business is going to do in the world and how you plan to exit it. We ask you questions that will inform the tax structure of your entity, how you own the entity and what happens to your business entity when you pass on (or you pass the company on to an new owner).
We ask you the questions so you do not worry that you don’t know the right questions to ask. And then we discuss your options with you in a way that allows you to know you are making informed decisions about:
- Where to form your entity (Nevada, Delaware, Wyoming or your own home state are all options);
- What type of entity to form (LLC, S-Corporation, LLC taxed as an S-Corporation, Partnership, or C-Corporation are the most likely options we will consider);
- How to set up your bank accounts, what type of insurance to get, which agreements you need immediately (and which can wait), which intellectual property to protect (and whether to own it in a separate entity from your operating assets), how much and what type of insurance you need, how to work with your CPA for max tax savings and more.
We see the formation of your business entity as just the beginning of a long-term relationship in which we are able to become the trusted counselor you turn to for help with all of your business decisions.
Think about it this way – Warren Buffett doesn’t just turn to Charlie Munger (his personal business lawyer) for help incorporating his business entities, he turns to Charlie before entering into any business deal that will impact the bottom line. That’s the type of relationship we have with our clients.