Corporate Law Philadelphia, PA

 

In Pennsylvania any action concerning the formation of corporations, both
profit and non-profit, and all additional transactions must be reported to
the Corporation Bureau of the Pennsylvania Department of State. The
Corporation Bureau has the records of more than 2,400,000 companies
permitted to operate in Pennsylvania. One important function is responding to requests for the availability of entity names; another is providing information on existing companies.

Incorporating a business demonstrates to the person seeking to do business with you that you are a serious, stable entrepreneur. You will also achieve a measure of solidity in the eyes of the business community. Incorporating also gives you the important advantage of protecting your personal property from lawsuits arising from business transactions.

The formation of a corporation may result in substantial tax savings because of business expenses. You may choose to simply incorporate (INC), or form what is known as an (LLC), or limited liability company. You may also form what is known as an "S" corporation, which needs the approval of the Internal Revenue Service. The different existing forms make understanding them and making informed decisions difficult for the lay person. Partnerships, international investors, maximizing tax savings, and complying with state regulations are just some of the areas where professional knowledge is essential.

Because there are so many forms of corporations, differing state laws, and tax situations it is necessary to secure the services of a good corporate law attorney.

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