Incorporation in Missouri

Find the right Business Incorporation attorney in Springfield, MO

For businesses seeking identification as separate legal entities, Missouri law allows them to undergo the process of incorporation. This means that the business can buy or sell property, offer and accept contracts and exercise legal rights in its own name. In Missouri, the process of incorporation is begun by filing with the Secretary of State in accordance with particular guidelines.

Benefits of Incorporation in Missouri

Benefits of incorporation are many. The primary benefit is that the liabilities of the business can only be satisfied by the assets specifically invested into the company by the owners. Had the business remained unincorporated, owners risk losing their personal property should the business become unable to satisfy its liabilities. A corporation also allows creditors in the Springfield area to assess the credit worthiness of the business as a whole rather than that of its owners, allowing the business to acquire loans more easily. Finally, 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 can be costly. First, a modest filing fee might be charged in Missouri for any business that wants to incorporate. Also, a corporation is taxed 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 Springfield lawyer, you can avoid this disadvantage.

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Life in Springfield

Springfield, Missouri is the third-largest city in the state of Missouri. It has a population of approximately 160,000 people.

Springfield has a long and fascinating history. During the Civil War, Missouri was a border state, and its population was divided in its loyalty to the Union and the Confederacy. Both the Union and the Confederacy claimed Missouri, and its star was on the flags of both sides. It also had two separate governments, one loyal to the union, and one to the confederacy. Both purported to be the legitimate government of the entire state. There were many small skirmishes between rival towns and neighbors, essentially creating a war within a war. As a result, Springfield, MO was the site of many clashes during the war. Springfield, MO also gave rise to the "Wild West" era of American history. In 1865, there was a "quick draw" shootout in the town square. This was the only such shootout ever recorded in American history, even though they're now a staple of Western movies.

Modernly, Springfield is a thriving city, with an economy based on education, healthcare, manufacturing, and tourism. Kraft Foods and 3M, among other major corporations, have manufacturing facilities in Springfield, MO.

As a result, it goes without saying that there are many sophisticated and skilled attorneys in Springfield, MO. If you can think of a legal practice area, you can be almost certain that there's at least one (and probably more) Springfield, MO lawyer who practices it, and can help you with your legal problem.

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