Choosing the right business entity is the most crucial aspect of beginning a new business. Before you can choose a business entity, it is important to consider various questions such as: how much liability you want to be exposed to, how you want your business to be taxed, and how you want your business to be managed.
Once you have decided on the right business entity for you, you may be required to file various documents with the Secretary of State and the Internal Revenue Service (IRS). These documents include Transmittal Information, Articles of Organization, Application for EIN (Form SS-4), Entity Classification Election (Form 8832), and an Operating Agreement. One of the biggest mistakes new business owners make is not hiring an attorney to form their business entity.
Often individuals attempt to form their business entity by themselves and incorrectly file the aforementioned documents with the Secretary of State and the IRS. Incorrectly filing these documents can have detrimental consequences such as tax liability and potentially losing the benefits of limited liability if there is a judgment against your business.
At Halperin Lyman we have extensive knowledge and experience with forming various business entities, particularly Limited Liability Companies. We can make the process of forming your business entity simple and easy, so you can focus on making your new business a success.
In addition to creating business entities for domestic companies, we also have experience in creating subsidiaries for foreign holding companies. The process for creating subsidiaries for a foreign holding company is different than that of a domestic company. There are various tax elections that need to be properly completed before these entities can exist. Therefore, it is important that you consult with an attorney before attempting to create this type of business entity on your own.
If you are interested in having Halperin Lyman LLC form your business entity, send us an email by clicking the contact us link.