Incorporation in California
California law allows a business to incorporate and be recognized as its own legal entity. After incorporation, buying and selling property, assenting to contracts and exercising legal rights are considered acts of the business itself and not its owners. In California, the process of incorporation is begun by filing with the Secretary of State in accordance with particular guidelines.
Benefits of Incorporation in California
There are distinct benefits to incorporating a business. Most importantly, liabilities the business accrues may be satisfied only by assets that the owners have specifically invested in it. Had the business instead remained a collection of the owners' personal assets, the personal property of the stakeholders could be liquidated to pay the liabilities of the business, if it runs into financial problems. A corporation also allows creditors in the Culver City area to assess the credit worthiness of the business as a whole rather than that of its owners, allowing the business to obtain loans more easily. Finally, the ownership of a corporation is divided into an abundance of equal portions or "shares" of stock. Without this mechanism, transferring ownership of a business would be impractical.
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Life in Culver CityCulver City, California is located in the western portion of Los Angeles County. The city has a population of about 39,000 people. It is famous for being a center for television and motion picture production, as it was home to MGM Studios. Today, MGM Studios is now Sony Pictures Studios and produces many films and television shows. Culver City's motto is "the Heart of Screenland".
Sony Pictures Entertainment is the top employer in Culver City, California. In addition to the Sony studios, Culver City is home to other major production companies like Culver Studios and the NFL Network. The list of motion pictures produced in Culver City includes films such as The Wizard of Oz, Grease, City Slickers, and Air Force One. Some television shows made there have included Jeopardy! and Lassie. Many celebrities have lived in Culver City, like actress Drew Barrymore, singer/songwriter Jackson Browne, and actor Jack Black.
Culver City California is also known for its many different events and attractions. For example, residents can enjoy the Ballona Creek bicycle path, the Culver Ice Arena, and the Culver City Symphony Orchestra. The Kirk Douglas Theater is also a popular destination. Visitors can take the Sony Studios tour or the town's Historic Walking tour.
Lawyers in Culver City, California represent a diverse body of clients, organizations, and companies. Culver City lawyers often handle claims that are complex in addition to simpler claims. Experienced attorneys in Culver City provide a wide range of legal services for the community.
Costs of Incorporation
Incorporation can be costly. First, a modest filing fee may be charged in California for any business that wants to incorporate. Also, a corporation is taxed as its own entity. The incomes of owners as individuals are also taxed of course, meaning that income to the corporation may be subject to double taxation. However, this disadvantage can be avoided with proper planning and help from a local Culver City lawyer.