Incorporation Services
What types of entities can I set up?
The three most common types of incorporation are Limited Liability Companies (LLCs), Corporations, and Partnership Agreements.
Limited Liability Company (LLC)
A limited liability company, also known as an LLC, is a business entity that protects the owner(s) from personal responsibility for the LLC’s debts or liabilities. They can be either single-member or multi-member, allowing you the ability to decide how and with whom you want to incorporate an LLC. Rules vary state by state relating to rules and regulations surrounding the formation and continuation of the LLC.
LLCs aren’t just for people starting their businesses. They can be great ways to invest in your retirement. Midland Trust, our parent company, specializes in self-directeded retirement accounts. With Midland by your side, you can invest in an IRA through your LLC, opening your retirement account up to new ways to save.
Our White Paper on Single Member LLC's dives deeper into how these entities work and some of the related items to understand.
“I was impressed how quickly Midland Forms was able to turn around and file my paperwork with the state. Easy, simple, and transparent process. Highly recommend if you are looking for a easy and affordable service option to get your business started”
Corporations
A corporation is a type of entity that is distinct and separate from its owners. This means corporations can be taxed and are considered a separate “legal person” from their owners so the owner cannot be personally liable for corporate debts.
When incorporating your business, it is important to decide if you want to be a C Corporation or an S Corporation. There are unique differences for each type. Midland will help direct you through the steps and answer any questions you might have about it. In fact, many of the steps are collaborative with Midland completing it for you.
“I was impressed how quickly Midland Forms was able to turn around and file my paperwork with the state. Easy, simple, and transparent process. Highly recommend if you are looking for an easy and affordable service option to get your business started”
Partnership Agreement
Partnerships can be formed without any official filing required with state or federal governments. However, because of their informal nature, partnerships require clear guidelines to ensure that they run smoothly.
Partnership Agreements establish clear rules surrounding the partnership’s operation and the partners’ roles and rights in the partnership. They provide guidance in case any issues or disputes arise along with the standard practices they institute. A partnership agreement is a legal document, so its instructions are binding and often the main legal structure behind the partnership.
“Midland Forms has everything you need for your LLC. Information, assistance, and great service!”
Need some help deciding which structure is right for you?
This tool is a great place to start, but you should always consult your tax advisor before setting up your corporation. You will thank yourself later.