An attorney is typically not required when starting a business. A business filing service such as Swyft Filings can help you streamline the formation process, and save you a great deal of time, effort, and money. However, if you are unsure of which business structure may be right for you, or you have questions regarding specific tax or organizational issues, it may be advisable to speak with an attorney or accountant before starting a new business.
Limited liability companies must pay state fees during the incorporation process. These fees can be deducted from taxes. S-Corps must pay state fees to legally incorporate. These fees can be deducted from taxes. C-Corps must pay state fees to become legally recognized. These fees can be deducted from taxes. Non-Profits pay state fees when they incorporate. These fees can be deducted from taxes. Since Sole Proprietorships aren't incorporated entities, they don't pay formation or compliance fees.
PLLC, Professional Limited Liability Company: some states do not allow certain professionals to form an LLC that would limit the liability that results from the services professionals provide such as doctors, medical care; lawyers, legal advice; and accountants, accounting services; architects, architectural services; when the company formed offers the services of the professionals. Instead those states allow a PLLC or in the LLC statutes, the liability limitation only applies to the business side, such as creditors of the company, as opposed to the client/customer service side, the level of medical care, legal services, or accounting provided to clients. This is meant to maintain the higher ethical standards that these professionals have committed themselves to by becoming licensed in their profession and to prevent them from being immune (or at least limit their immunity) to malpractice suits.
When the dissolution filing becomes effective, the business may not carry out any activities except those appropriate to wind up and liquidate its affairs. You also must file the appropriate dissolution forms with the Department of Revenue, Department of Workforce Development and the Attorney General in order to avoid tax consequences and additional liabilities.
LLP, Limited Liability Partnership: a partnership where a partner's liability for the debts of the partnership is limited except in the case of liability for acts of professional negligence or malpractice. In some states, LLPs may only be formed for purposes of practicing a licensed profession, typically attorneys, accountants and architects. This is often the only form of limited partnership allowed for law firms (as opposed to general partnerships).
Where the equipment you use in your business was acquired as a gift, you may report your estimate of its current market value on the Business Property Statement (that is, what you think it would sell for in the open market place). Enter that estimated value in the most current year's cost line and add a note indicating that the entry is an estimate.