The Business Formation Center

Beame & Mencher LLP’s Business Formation Center provides comprehensive small business advisement and start up support. We work closely with all of our clients – educating you on the different types of business structures, identifying the appropriate entity for your business, and organizing your company books to ensure you obtain the benefits of company ownership. In addition to many other important benefits, the proper entity for your business will 1) shield you from personal liability and 2) offer significant tax advantages.

Through our Business Formation Center, we will get your business up and running very quickly. As part of our comprehensive services, we provide you the following support.

  1. Initial Consultation: We will spend time with you to learn more about your business, your plan for growth, and the financing structure of your company (e.g. investors, partners, debt financing)
  2. Name Search: Selecting a name is one of the first (and most important) steps you make in forming your company. Your name is your brand. We will work with you to ensure that a) your name is available as a business entity and b) it will qualify, and be available, as a trademark (to the extent your business name will also serve as a trademark within your company)
  3. Business Entity Formation: Once we have determined the appropriate structure for your company, we will draft all of the documents required to create the entity and then file those documents with the applicable state office.
  4. Obtain Tax I.D. Documentation: We will file the necessary forms with the federal Internal Revenue Service to obtain your company’s Federal Employer Identification Number. This is your company’s social security number, and is required to open a bank account, hire employees, and generally operate as a business. We also assist in the preparation of federal and state tax forms for corporations wanting to obtain S Corp status.
  5. Create Company Kit: Organization and documentation are two key components to operating your company. We will order, and organize, a custom company binder for you. These are your company’s “books”. We will advise you through the initial business governance that is required for all new businesses (e.g. election of Board of Directors in the case of a corporation). It is crucial that you operate as a business – failure to follow procedures will open you up to personal liability (a term in the industry we call “piercing the corporate veil”).
  6. Open Bank Account: We will ensure that a your company enacts a resolution granting your financial officer with the authority to select a bank. Once the company kit is organized, you will then be able to open a bank account. This is your business account. Just as procedural considerations are crucial to the protection of your company, so is the organization of your money accounts.
  7. Draft your Internal Business Operating Documents: Every business, whether it be one person or a mix of investors and owners, must have an internal business operating agreement. The agreement outlines the rights and responsibilities of each party to the other parties, as well as each party to the business entity. It is a rule book for operating the company.

Let us work with you to identify your career goals and develop a business structure that will assist in achieving those goals. We offer an all-inclusive package to get your business up and running – our legal fee is $1,500 per company*.

*The legal fee is inclusive of Steps 1-6 (above). It does not include 1) the state filing fee to create your business entity (approx. $100-$200) or 2) the Internal Business Operating Agreement. The fee associated with an operating agreement depends on various factors, including number of parties involved, investor structure, and complexity of the deal. We will provide you a set project fee for the operating agreement once we learn more details about your business structure. The company kit is a $100 value built-in to our legal fee.