Incorporation in Michigan

Find the right Business Incorporation attorney in Sterling Heights, 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. With unincorporated businesses, personal property of owners can be liquidated in order to satisfy the liabilities of the business. Also, creditors in the Sterling Heights 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. 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.

Costs of Incorporation

These advantages come at a price. First, incorporation in Michigan may require a filing fee. Second, a corporation pays taxes just like any other entity. The individual incomes of owners who are paid disbursements from the corporation's earnings are still taxed as well. This is called double taxation, but it can be avoided with proper planning and assistance from a local Sterling Heights lawyer.

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Life in Sterling Heights

Sterling Heights, Michigan is an important suburb of Detroit. It is located in Macomb County, about half an hour away from downtown Detroit. The city is most noted as a recipient of various safety awards, and was named Michigan's safest city in 2010. Sterling Heights maintains a "Sidewalk Inspection Program", which utilizes meter readings for reporting hazardous sidewalks conditions.

The local economy of Sterling Heights is stimulated by the presence of over 3,500 industrial and commercial businesses. Major employers in the city include General Dynamics, Visteon, and Detroit Free Press. Of notable interest in Chrysler's Sterling Heights Stamping Plant, the world's largest stamping plant for metals. Sterling Height's close location to Detroit has also attracted several automotive industry companies.

In addition to its diverse economy, Sterling Heights is an excellent city for families. The city holds several very popular events such as Music in the Park, "A Sterling Christmas", and Sterlingfest. Residents can also visit Dodge Park, which serves as host to a number of concerts and events throughout the year.

Lawyers in Sterling Heights, Michigan offer legal service in a wide range of legal fields. They are experienced in a variety of legal matters and disputes. Many Sterling Heights attorneys represent clients in the Macomb County District Court.

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