Incorporation in Kansas

Find the right Business Incorporation attorney in Olathe, KS

In Kansas, businesses are allowed to incorporate, thereby becoming their own legal entities. After incorporation, buying and selling property, agreeing to contracts and exercising legal rights are considered acts of the business itself and not its owners. To incorporate in Kansas, a business must file with the Secretary of State in compliance with specific guidelines.

Benefits of Incorporation in Kansas

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. Also, creditors in the Olathe area generally 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. 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.

Costs of Incorporation

Incorporation comes at a price. First, Kansas 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 Olathe lawyer.

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Life in Olathe

Olathe, Kansas is a city in Johnson County, Kansas. It is also the county seat of that county. it has a population of about 125,000 people.

In 2008, CNN andMoneyMagazine named Olathe, Kansas one of the 100 best U.S. cities to live in, ranking it at number 11. Olathe, Kansas was so ranked because of its ample job opportunities, low unemployment, good public schools, and relatively low cost of living. Many professionals, such as lawyers, have relocated to Olathe, Kansas in recent years, making it one of the fastest-growing communities in the United States.

One of the largest employers in Olathe, Kansas is an air traffic control facility run by the Department of Transportation. It is one of 20 such facilities in America, and it monitors and directs most air traffic in the region.

If you live in Olathe, Kansas, and are in need of legal services, you will almost certainly be able to find an Olathe, Kansas attorney who can help.

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