Filing For Incorporation is Just the starting

Lawsuit - Filing For Incorporation is Just the starting

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Larry and his wife Maria sat in my office both in tears. How could this happen they asked? Larry told me when filing for incorporation, he filed the document with the Secretary of State.

What I said. It is not the conclusion that the true about Lawsuit . You see this article for home elevators an individual need to know is Lawsuit .

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One week earlier, the sheriff knocked on their front door and served them with an eviction notice. Their home that they had bought 10 years earlier was no longer theirs.

Larry had purchased a franchise restaurant and entered into a lease trade to rent space in the local mall. It looked so easy because this franchise was key ready. The Franchisor recommended that he should be filing for incorporation to protect his personal assets. It sounded like a good idea so he did some research.

Larry talked with an attorney who quoted him ,000 to set up his corporation. He did not know how he could afford this fee plus all of the franchise fees. They talked it over and decided this was too expensive. Why did attorneys have to charge so much?

They found a business online that would only charge a small fee plus the state filing fee but they were not sure about this. A co-worker of Maria told about her husband going to the secretary of states office to do it himself. He filed a document and he had a corporation. This is what Larry did, he went to the secretary of states office and completed the filing for incorporation.

The business did not do so well and after nine months, Larry facing mounting bills was forced to close the doors. They had used all of their savings and that still was not enough. Bankruptcy was not an selection because of a prior one five years ago.

The lawsuits started and Larry was named as a defendant along with the corporation. The corporation did not have any assets so guess who they were coming after.

There was nothing I could do to help Larry and Maria. Larry had no corporate records, initial organizational records or ongoing minutes. He had also signed the lease and other loans without designating himself as an officer of the company. He made all the excellent mistakes.

All of the clients I see that have incorporated did so to protect themselves from personal liability.

A properly formed and run corporation will shield your personal assets from personal liability. It will give you a corporate veil of protection. To keep this "Corporate Veil" of protection, the corporate formalities must be followed, more than filing for incorporation is needed.

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