Incorporation in California

Albany Incorporation Attorneys, CA

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California law allows a business to incorporate and be identified as its own legal entity. As a separate entity from the owners, the business is then considered to be functioning on its own when it buys and sells property, assents to contracts and exercises legal rights. A business looking to incorporate in California must file with the Secretary of State in accordance with established guidelines.

Benefits of Incorporation in California

There are distinct advantages to incorporating a business. Most importantly, liabilities the business accrues may be satisfied only by assets that the owners have specifically invested in it. With unincorporated businesses, personal property of owners can be liquidated in order to fulfill the liabilities of the business. Furthermore, banks in the Albany area prefer to evaluate the credit worthiness of a business as a whole rather than that of individual owners. This makes the process of receiving corporate loans simpler. Lastly, ownership of a corporation is divided into equal portions or "shares" of stock, which may be bought and sold much more easily than the ownership of an unincorporated business.

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Life in Albany

Albany, California is a city in Alameda County. It has a population of about 18,500 people.

The town of Albany was incorporated in 1909, when residents became fed up with the larger nearby city of Berkeley dumping its garbage in Albany. The residents voted to incorporate to give the town more territorial autonomy, allowing them to legally bar other cities from dumping garbage there without permission.

The city was named after Albany, New York, which was the birthplace of the town's first mayor.

Modernly, Albany is a quiet residential community, whose local economy is largely based around retail and services. Many professionals, such as lawyers, who practice in nearby larger cities, live in Albany, California.

There are also many lawyers who live, as well as practice, in Albany, California. So, if you need legal advice, it's very likely that there's an Albany, California attorney who will be able to help.

Costs of Incorporation

Incorporation comes at a price. First, California might charge a filing fee to process applications for incorporation. Also, the corporation will pay taxes as its own entity. In other words, the profits a corporation makes are now taxed separately, while any disbursements to shareholders are taxed as individual income. This is called double taxation. However, a business might avoid this disadvantage with proper planning and assistance from a local Albany lawyer.

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