We offer additional services following the formation of your new California entity, including:
- Assistance with licensing by administrative entities
- Assistance with branding
- Assistance with set-up of payroll
- Assistance with insurance questions
- Assistance with the drafting and review of agreements
- Registration of foreign corporations in California
We can help determine what type of entity is best suited to your business:
Other factors you will need to take into consideration include:
- Drafting shareholder agreements
- Drafting partnership agreements and business contracts
- Avoiding corporate board impasse/deadlock
- Creating a succession plan
- Dissolving your entity and wrapping up its affairs
Understanding Business Entity Formation
When starting a new business, one of the most important decisions you'll need to make is choosing the right business entity. Whether you're considering a corporation, LLC, partnership, or sole proprietorship, each type of business entity has its own advantages and disadvantages. Our experienced business formation attorneys in San Diego can provide you with the guidance and expertise needed to make an informed decision about the best structure for your business.
Some key factors to consider when forming a business entity include:
- Tax implications
- Liability protection
- Management and control
- Capital raising and ownership
By understanding the differences between various business entities, you can make the best choice for your specific business needs and goals. Our team at Purdy & Bailey, LLP is dedicated to helping you navigate the complexities of business formation and ensuring that your new venture is set up for success.
Corporations
Businesses come in all shapes and sizes, and each one comes with its own unique freedoms and restrictions. Corporations are distinct entities that are separate from the owners. These entities can enter into contracts, borrow or loan money, pay assets, and manage employees. In many ways, a corporation is almost like its own person.
Corporations are independent legal entities, but they still rely on the administrative structures of a regular business, and the shareholders can take part in profits. The most crucial benefit to corporations is that investors reap the benefits without taking as many risks.
For example, shareholders at Alphabet Inc., the corporation behind Google, benefit from Google’s success, but they don’t have to take a huge risk on new technologies or shifts in the industry. Similar to a bond vs. a stock, corporations have a less volatile growth period over time.
Forming a Corporation
The choice to form a corporation and doing so are two very different things. There are endless forms, filings, and documents that have to be meticulously reviewed before you can create a lasting and successful enterprise.
To create a corporation, you will need to:
- Appoint a Registered Agent
- Register a corporate name
- Complete license and permit applications
- File tax and employer identification paperwork
- Prepare and file articles of incorporation
- Create bylaws
- Draft business contracts
- Appoint directors
- Establish corporate compliance
- Create a records book
- Consult legal professionals about insurance policies
- Handle federal and state administrative proceedings
- Hold the initial board of directors meeting
- And more
These steps take time and resources that you may not have available right now. That’s why it is critical to understand what you need ahead of time so you can be prepared.
What Are the Advantages of Forming a C or S Corporation?
There are many advantages to forming a C or S corporation. Although it is owned by shareholders who elect a board of directors that make business decisions and manage policies, it is treated as an independent entity. When owners or shareholders change or die, the corporation will continue to exist.
Owners have limited liability, which means they are not held personally liable for debt incurred by the corporation and they cannot be sued as individuals due to any wrongdoing by the corporation.
Call Charles “Chip” Purdy at 858-360-7080 to discuss the formation of your California entity.
Our Business Dissolution Services in San Diego
Just as business entity formation requires keen oversight, so does business dissolution. Business owners often overlook many steps when they are engrossed in the process of wrapping up their businesses. With our help, you will feel safe and secure in how your dissolution is being handled and ensure corporate compliance.
How Do I Dissolve My Business Entity?
There are many questions to ask yourself when you begin to consider wrapping up your corporation, such as whether board deadlock/impasse may be problematic. When you have decided to wind down your business, you must take important steps to limit your liability, pay any creditors and properly dissolve the entity.
Some of these steps include:
- Notifying your creditors that you are going out of business.
- Ensuring final tax returns have been filed.
- Settling or paying any remaining debts or liabilities.
- Terminating business contracts.
- Dissolving, surrendering or canceling your entity with the California Secretary of State.
Our San Diego business dissolution lawyers can make sure that you have a firm understanding of these rules and regulations, such as:
- Closing out general partnership agreements
- Canceling out-of-state registrations
- And, if necessary, securing tax clearances
Ensure that you comply with California's guidelines for dissolving your business. Call Charles “Chip” Purdy at 858-360-7080to discuss the formation of your California entity.
Why You Should Utilize Our Firm to Form Your Business As Opposed to Online Legal Services
At Purdy & Bailey, LLP, we are committed to providing all of our clients with top-notch legal services that support them at each phase of the formation or dissolution of their companies. Unlike online services that claim to offer cheap legal assistance for business owners, our business formation lawyers bring 65+ years of combined experience to every case we handle, and we understand that building personal relationships is an important part of representing our client’s best interests. That is why we are here to assess your unique situation so we can devise a tailor-made legal strategy that meets the needs of your business plan.
When you choose Purdy & Bailey, LLP to help with your business formation, you do not have to worry about being asked to “upgrade” services if you want specific information as is the case with online “do-it-yourself” legal services. Our goal is to provide you with the answers you need to protect your business interests, not sell you on extra services that won’t actually help your business.
Lastly, there are no hidden fees or penalties for filing your case when you hire our law firm to represent you. We always provide honest, upfront pricing for all of our legal services, so you don’t have to worry about incurring surprise costs just to get your business up and running.
Contact Purdy & Bailey, LLP for Business Guidance
Whether you are seeking to form a business entity or are considering dissolving one, there is no substitute for competent and understanding advice from an experienced business formation and dissolution attorney in San Diego.
Whether you run a business, limited liability company, general partnership or limited partnership, contact our team to get the prompt guidance and assistance that you deserve.
Contact Charles “Chip” Purdy at 858-360-7080 to discuss the formation of your California entity.
