For businesses seeking recognition as separate legal entities, New York law allows them to undergo the process of incorporation. An incorporated business acts in its own name, whether buying and selling property, assenting to contracts or exercising legal rights. To incorporate in New York, a business must file with the Secretary of State in compliance with particular guidelines.
Benefits of Incorporation in New York
A corporation enjoys benefits that unincorporated companies do not. Primarily, it cannot be held accountable for an amount of debt greater than the value of the assets that the owners have 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. A corporation may also find it easier to finance itself through loans, allowing creditors in the Niagara Falls area to evaluate their investment by assessing the corporation rather than the individual credit-worthiness of its owners. Lastly, a corporation's ownership stake is divided into equal slices or "shares" of stock, which make investments in the business much easier to transfer.
Costs of Incorporation
Along with a possible fee to file for incorporation in New York, there are other costs that corporations incur. The most important is that 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 Niagara Falls lawyer, you can avoid this disadvantage.
Another lawyer said my case would take weeks of work and require thousands of dollars of research. Howard pointed to a very fundamental clause in the contract, wrote a letter to termite the contract and dealt with all responses from the opposing parties attorney. Very cut and dry for a fraction of the fees. Highly recommended.
An excellent Attorney with a keen legal mind. He is attentive, responsive and his fees very reasonable!
I understand many lawyers are very busy, But Howard Bender, busy as he is, responded quickly and professionally. My impression is he is a man of his word.
Howard Bender has a wealth of knowledge with trademark contract negotiations. His expertise has helped us move our case forward productively.
This lawyer is the best! He is sharp, grasps everything quickly, and has a friendly approach. He helped me out & all without fighting.