Incorporation in California

Find the right Business Incorporation attorney in Mission Viejo, CA

California law allows a business to incorporate and be identified as its own legal entity. After incorporation, buying and selling property, agreeing to contracts and exercising legal rights are considered acts of the business itself and not its owners. The office of the Secretary of State is the agency that receives applications for incorporation in California, and they must be completed in conformity with certain guidelines.

Benefits of Incorporation in California

An incorporated business enjoys certain advantages, the most important being a limit of liability for the shareholders. The most shareholders can lose is the amount they invest in the business. If the business had remained a personal asset of the owners, they could run the risk of losing their personal property to pay for the company's financial liabilities in case of default. Also, creditors in the Mission Viejo area typically prefer to deal with corporations, since a loan is an investment more easily evaluated when the credit-worthiness of various owners is not an issue. Finally, the ownership stake in a corporation can be apportioned into uniform slices, known as "shares" of stock. This makes it possible to sell ownership investments in more manageable slices.

Costs of Incorporation

These benefits come at a price. First, incorporation in California may require a filing fee. Second, a corporation pays taxes just like any other entity. Disbursements to the owners of the corporation are also taxed as individual income, so this means earnings might be taxed twice. But this double taxation can be avoided with proper planning and help from a local Mission Viejo lawyer.

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Life in Mission Viejo

Mission Viejo, California is a city in Orange County, California. Its current population is estimated to be about 93,000 people, making it one of the largest master-planned communities built under a single plan in the United States.

Mission Viejo, California's economy is dominated by Saddleback College, a community college located in the city. With over 2,000 employees, it is the largest employer in Mission, Viejo, California. The community college is attended by a large number of students who plan to go on to four-year universities. Some of these students go on to graduate school, and become Mission Viejo, California attorneys.

Another major employer in Mission Viejo, California is the local healthcare system, which employs over 1,000 people, such as doctors, as well as administrative personnel, including lawyers.

If you live in Mission Viejo, California and are in need of legal advice, you would do well to contact a Mission Viejo, California attorney as quickly as possible.

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