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Entity Formation & Maintenance
Forming your business entity at WATSON LEGAL, P.C. is not one size fits all and is never handled in a vacuum. If you wanted once size fits all, you could use a document drafting service or online legal document website.
Before we form your entity, we get to know you, what’s important to you, what your business is going to do in the world and how you plan to exit it. We ask you questions that will inform us of the tax structure of your entity, how you own the entity and what happens to your business entity when you pass on (or you pass the company on to a new owner).
We ask you the questions so you do not worry that you don’t know the right questions to ask. And then we discuss your options with you in a way that allows you to know you are making informed decisions about:
✔ Where to form your entity (Nevada, Delaware, Wyoming or your own home state are all options);
✔ What type of entity to form (LLC, S-Corporation, LLC taxed as an S-Corporation, Partnership, or C-Corporation are the most likely options we will consider)
✔ How to set up your bank accounts, what type of insurance to get, which agreements you need immediately (and which can wait), which intellectual property to protect (and whether to own it in a separate entity from your operating assets), how much and what type of insurance you need, how to work with your CPA for max tax savings and more.
We see the formation of your business entity as just the beginning of a long-term relationship in which we are able to become the trusted counselor you turn to for help with all of your business decisions.
Think about it this way – Warren Buffett doesn’t just turn to Charlie Munger (his personal business lawyer) for help incorporating his business entities, he turns to Charlie before entering into any business deal that will impact the bottom line. That’s the type of relationship we have with our clients.
Maintaining Your Business Entity – Compliance & So Much More
We don’t really like the word compliance because it seems to suggest that we are going to restrict you in some way -- but, it’s just the opposite… Through our regular updating programs, we take care of all the little details, so you can stay creative and expansive.
At most business planning law firms the relationship ends when you sign your incorporation documents. At WATSON LEGAL, P.C. we see the signing your incorporation documents as the beginning of our relationship with your business.
Over time, your business will change and grow; your ownership structure may change; we know for sure that the law will change. Your business documents must accommodate all of these changes in order to make sure your business is on track for growth and continued success.
If your business does not have annual meetings, maintain meeting minutes, have agreements, and is not properly updated and maintained over time, your legal documents become worthless - - worth no more than the paper they were printed on.
And the costs of failing to update your legal documents regularly are typically far greater than keeping everything current.
To help you make sure your entity is maintained properly, we offer WATSON LEGAL, P.C. Business Growth Membership Programs.
Our membership programs are designed so we can proactively monitor the activities of your business on a monthly, quarterly or bi-annual basis. By doing this, we can stay on top of your business’ legal, insurance, financial and tax details so you can relax and be more creative, more expansive and live more into the possibilities for your business knowing everything else is handled.
For more information about our unique programs, please contact us at 254.605.4140 or by email at firstname.lastname@example.org