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Buffalo S-Corp Lawyer

Looking to form a corporation for a new business venture? When selecting a corporate formation attorney in New York State, Lawyer For Business can help you at every stage of your business formation. Call for a consultation today.

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Trusted Incorporation Lawyer for Corporation Formation

The Lawyer For Business law firm dedicates all of its efforts to helping business owners make the best possible choices for their businesses. These choices help foster growth and lead them to the attainment of their financial goals.

We have years of experience tailoring our services to each of the specific needs of our clients. In addition, each S-corporation lawyer at our firm knows that every business venture is unique and requires different solutions personalized for its various needs.

Legal Services for Corporations

Corporations must comply with a myriad of rules when forming and operating within New York and other states, but compliance is never enough. A business must choose the most optimal business structure for its needs and incorporate other legal decisions into its planning:

  • Drafting articles of incorporation
  • Drafting bylaws
  • Drafting subscription terms that cover company assets and stock arrangements
  • Drafting financial arrangements to allow the creation and opening of accounts
  • Drafting shareholder agreements, such as buy-sell agreements
  • Lease analysis and review
  • Corporation formation “S” and “C” types

Depending on your situation, you might find either a C- or an S-corporate structure most suitable. A C-corporation insulates stockholders and investors from business liabilities, while an S-corporation confers special IRS tax benefits. We can help you choose the right structure for your needs.

We will also assist you with any other business matters in need of our experience and skills.

What Is the Difference Between S- and C-Corporations?

S-corp and C-corp structures are ways in which businesses can choose to structure themselves in a way most beneficial to their unique situations. They essentially function the same way in many aspects and share many of the same structures.

One difference between the two lies in how they are taxed. C-corp businesses pay taxes at the corporate level, whereas S-corp companies do not. Hence, C-corps file corporate taxes every year and experience double taxation.

Another difference is in the number of allowable shareholders. S-corp shareholder numbers can not exceed 100, whereas C-corp numbers can.

Advantages of S-Corps

There are various advantages to choosing the S-Corp status. The three main ones are detailed below.

  • Tax Treatment: S-corporations do not pay taxes on revenue and income, meaning there is no double taxation. Instead, profits and losses receive pass-through taxation treatment, which means funds pass directly to shareholders' federal income taxes, where they are taxed only once. This benefit also allows shareholders to offset their income with business losses.
  • Independent Shareholders: Shareholders are independent of the S-corporation they invest in, which effectively means shareholders can come and go without too much of an effect on the business.
  • Liability Shield: Shareholders and owners are shielded from any liability the business incurs. This protection means that their most valuable possessions, such as houses, cars, bank accounts, and other property, will not be touched to address the liabilities of the business they have invested in.

Please contact us to learn more about these and other benefits of incorporating as an S-corporation.

How Can Our S-Corp Lawyer Help?

We will begin by forming a corporation and electing for the S-corp tax status. We will then make sure your legal documents and filings are airtight and file them with the IRS.

Throughout the process, an S-corp lawyer will help you gain a deep and comprehensive understanding of the process and the consequences, good and bad, of your choice of structures, be it S-corp or C-corp.

Why Choose an Incorporation Attorney from Lawyer for Business?

When it comes to business, experience matters. At Lawyer For Business, we have the experience and track record businesses can trust. We have worked with numerous clients looking to set up shop in the Empire State which are now prospering.

When you choose Lawyer For Business, you get:

Call today to set up a consultation, and let's explore the future of your business.

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Are there any risks in incorporating as an S-Corp?

While S-Corp status is generally a great option for many types of businesses, business owners should be aware of some of the risks associated with it.

For one, S-Corp designation requires strict compliance with procedural and legal requirements, and they also tend to draw increased scrutiny from the IRS. However, hiring a corporate formation attorney can help ensure compliance.

How do I change from an LLC to an S-corp?

Changing your business from an LLC (limited liability company) to an S-corp is possible, but to do so, you must meet the basic requirements of forming an S-corp. These requirements include having 100 or fewer shareholders, only one type of stock issued, and some other basic requirements.

Once S-corp compliance is ensured, the LLC will next file IRS form 8832, which will allow the LLC to choose S-corp taxation. Keep in mind that once this taxation step is complete, you must wait 60 months to change your company's tax status again. Additionally, the business will still be considered an LLC with reference to state law.

To convert at the state level, limited liability companies must go through the state's (New York's) specific requirements to convert. A corporation formation attorney from our firm is ready to help you through the process.

How long does an S-corp filing take?

An S-corp filing does not usually take more than a few weeks, regardless of whether the corporation is using a two-step process to become an S-corp. The forms are pretty clear on what is required.

However, in some cases, the formation can take months, depending on the situation. This is where having an S-corporation lawyer will help speed up the process.

Additionally, if the S-corp election can be made within the first two months and 15 days of a company's fiscal year, the changes will affect that year. Otherwise, they won't take effect until the next year.

What are the requirements to qualify as an S-Corp?

To qualify as an S-corp, a business must meet a few essential requirements, including:

  • The company must be domestic
  • There are 100 or fewer shareholders
  • There is only one class of stock that is issued
  • All investors are considered eligible investors

Eligible investors in a company looking to become an S-corp include individual members as well as certain estates and trusts.