Incorporation in Michigan

Find the right Business Incorporation attorney in Pontiac, MI

In Michigan, businesses are allowed to incorporate, thereby becoming their own legal entities. An incorporated business acts in its own name, whether buying and selling property, assenting to contracts or exercising legal rights. To incorporate in Michigan, a business must file with the Secretary of State in compliance with specific guidelines.

Benefits of Incorporation in Michigan

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. If the business had remained a personal asset of the owners, they would run the risk of losing their personal property to pay for the company's financial liabilities in case of default. Furthermore, banks in the Pontiac area prefer to evaluate the credit worthiness of a business as a whole rather than that of individual owners. This makes the process of acquiring corporate loans simpler. Lastly, a corporations charter requires that ownership be divided into stakes or "shares" of stock, all of equal size. This makes the process of transferring control much more practical.

Costs of Incorporation

Incorporation comes at a price. First, Michigan may charge a filing fee to process applications for incorporation. Also, the corporation will pay taxes as its own entity. The individual incomes of the owners are still taxed also, and this can mean the same income is taxed twice, known as double taxation. With proper planning and assistance from a local Pontiac lawyer, you can avoid this disadvantage.

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Life in Pontiac

Pontiac is located in Oakland County, Michigan. It is famous for being home to the General Motors manufacturing plants--especially for the Pontiac vehicle. In fact, the city now has a stadium named after the vehicle; the stadium is called the Pontiac Silverdome.

A fun site includes Woodward Avenue, an area filled with small shops and great restaurants, as well as hot-rod cars that drag race. Other popular sites include The Realm of Darkness haunted house, Erebus haunted house, and the Fallen Heroes Memorial.

Pontiac is also home to many attorneys who practice in various areas of law. These professionals focus on providing their clients with personalized, excellent legal services.

An interesting fact, and a reason for Pontiac being one of Michigan's most recognized cities, is that in 2010 the city underwent "The Rise of the Phoenix" initiative. Basically, businesses who opened offices in downtown Pontiac would be given free rent in exchange for multi-year leases, alongside one year free parking in local city lots. There was an application process and about 52 businesses were selected, which helped boost the Pontiac economy.

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