A Corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.
A Limited Liability Company (LLC) is a corporate structure whereby the members of the company cannot be held personally liable for the company’s debts or liabilities. Limited liability companies are essentially hybrid entities that combine the characteristics of a corporation and a partnership or sole proprietorship.
The cost to set up a Corporation or LLC is $750. This includes:
The fee for filing the paperwork with the Secretary of State is $200.
The above items include everything you need to open a new bank account for the newly formed business.
Contact us to schedule a Consultation meeting if you would like to discuss the requirements for a Corporation or LLC or would like to discuss your options and obtain additional information. You should also speak with your accountant or CPA regarding which entity is best for your particular situation.