Do I need a Lawyer or have to hire a company to incorporate?
Learning to do something yourself can be daunting in the beginning. Incorporating a business seems complicated and requiring a legal degree. Do it yourself is the quickest way to incorporate.
Going to a Lawyer
When using a lawyer to incorporate you need both time and money. You need to locate an attorney that specializes in incorporation. Then you need to interview at least two to three attorneys to determine whom you trust the most. You need to make an appointment and travel to their office. Then after researching an attorney you have to select one you feel comfortable. Easier said then done. Once you find the attorney you will need an appointment. The appointment alone could be 2 weeks away.Then you have the cost factor. An attorney will typically charge about $1500.00 plus the filing fee. The time to research attorneys, make an appointment and pay the fee makes this complicated.
Hire an online service
Many people are rushing to online services and incorporating is no different. Most popular names like Legalzoom, Swyft filings or Incfile sound too good to be true. You can incorporate for as low as $50.00 or even free but nothing ever is free. Some services offer a low price to incorporate but then the add ons that are required or membership fee over time make the cost prohibitive. In order to obtain everything you need to incorporate, obtain a taxpayer identification number, Obtain S election status,prepare minutes, bylaws and stock certificate, file reports with the State government and retain a registered agent can easily make the price $600 to over $1,000.00
Do It Yourself Incorporating
No matter what your business, you want to get to actually performing your services or selling your products. Incorporating, doing it right and cost effective is complicated. Looking through numerous websites to determine what the final deal and cost takes time. Trying to do it yourself gives you control over the situation but is time consuming. You need to figure out (1) Where do I go to incorporate, (2) What information is necessary, (3) How do I register, (4) how do I prepare paperwork or file online with the right governmental agency or State government, (5) Are their anything I must include in my Articles of incorporation, (6) What address can I use?, (6a) Can I use my home address? Should I use my home address? What are the consequences of using my home address?, (7) Is a physical address required? (7a) Can I use a Post Office Box? Can I use a private mailbox? (8) What's a director? Who qualifies as a director Who qualifies as an Officer?(9) What is an incorporator? Who can be an incorporator? (10) Should I add clauses to the articles of incorporation? What clauses should I add? (11) Whats a registered agent? Can I be a registered agent? Should I hire someone to be my registered agent?(12) What address do I put on annual reports with the State? These are solely related to the incorporation process and every corporation requires much more to setup. Some service companies like Legalzoom charges $259.00 per year for a registered agent. Legalstepz.com teaches you everything from incorporation, to obtain a taxpayer identification number, Obtain S election status,prepare minutes, bylaws and stock certificate, file reports with the State government and retain a registered agent. S Election and whether you need to be an S corporation, Do you qualify and more. Do It Yourself may save you money but it will cost your time. Legalstepz was created by an attorney to show you all the inside information to quickly and easily incorporate.
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