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BUSINESS ENTITY FORMATION

We can help you through the business formation process in Kansas and explain the different types of business entities and the tax consequences of each one, including the following:

     ➤  Limited Liability Companies (LLCs)
     ➤  S corporations
     ➤  C corporations
     ➤  Partnerships
     ➤  Sole proprietorships

Forming a business entity is more than legally forming it on the Secretary of State's website and obtaining a tax identification number from the IRS.  If that's all you have for your business, then you have not maximized the asset protection that structures like the LLC, S corporation, or C corporation can provide.  Your business entity needs a governing document (operating agreement or bylaws), organizational and annual minutes, evidences of ownership (membership certificates or stock certificates), and a corporate book.  If you do not have all of these documents, you may be at risk for personal liability for your business activities.  In addition, if there are multiple owners in your business, the owners may wish to protect their interests by restricting who can be future owners of the business and provide buyout provisions in the event an owner departs the business.


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