In Which State Should You Organize Your Business?

In Which State Should You Organize Your Business?

Companies which own or lease real estate, employ people, conduct business and/or generate income in a state are considered to be “doing business” in that state. A small business that is “doing business” in only one state should, in most cases, organize in that state. If, however, you are contemplating doing business in more than one state, the decision about where to organize your business gains importance. Continue reading “In Which State Should You Organize Your Business?”

What is a Delaware Statutory Trust?

A Delaware Statutory Trust (DST) is a legal entity in which each beneficiary  has a “beneficial interest” and for Federal income tax purposes is treated as owning an undivided fractional interest in the property held by the trust.  Delaware statutory trusts are formed as private governing agreements under which either (1) property (real, tangible and intangible) is held, managed, administered, invested and/or operated; or (2) business or professional activities for profit are carried on by one or more individuals who act as trustees for the benefit of a party who is entitled to a beneficial interest in the trust property.

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What is a Registered Agent?

A registered agent, a resident agent or a statutory agent (the three terms are interchangeable) is defined by United States business law as a business, or person, designated to receive service of process on behalf of a company against whom a legal action is brought.  To put it another way, when you appoint a registered agent, you are providing the public with an indirect but efficient means of contacting you about a legal issue. The agent then makes sure that you receive the document within a reasonable timeframe.

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What is the Purpose of a Corporate or LLC Kit?

The Corporate Kit or LLC Kit is a customized organizational binder–and a convenient, tried-and-true way to gather and maintain your company’s management records.

When you form your  corporation or LLC (Limited Liability Company), it is critical to objectify the management of the business.  This includes an orderly organization of key documents —including minutes of the activities of the company, bylaws, operating agreements, shareholder agreements, share certificate and stubs and transfers.

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How to Form a Not-for-Profit Corporation

Not-for-Profit Corporations are formed for many reasons.  In New York State there are two types of formations: charitable and non-charitable.  New York now allows for filings of each with a purpose as simple as:  any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a charitable corporation or any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a non-charitable corporation. Continue reading “How to Form a Not-for-Profit Corporation”

What is a fictitious name (a DBA)?

If you are starting a business as a sole proprietor or partnership you must file a document with the city, county or state as required by the laws of the state in which your business will be conducted. The name you choose for the business is a “fictitious name.”  It is also called a “DBA” (doing business as). The laws are intended to protect those doing business with the company by providing a public record of the owner’s identity and the  address of the business.

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