When you are forming a company that is going to have more than one owner, here are a few things to consider:
- What would you like to name the company?
- Are there any Tradenames you would like to use?
- What type of company should it be (e.g. C-corporation, S-corporation, LLC)?
- What will be the company's address?
- Who will be the resident agent?
- Who will be the CPA for the company?
- Who should serve as the officers and directors?
- Upon the death of an owner should the owner be bought out?
- Upon the disability of an owner should the owner be bought out?
- Do you want to restrict sales of the company to third parties?
- Should an owner be able to transfer his/her interest to a spouse or children?
This information was prepared as a public service by Mullavey, Prout, Grenley & Foe LLP. It contains general information and is not intended to apply to any specific situation. The information is very broadly and simply stated. There are a number of exceptions and specific rules that apply to your particular situation and lead to a different result. If you need legal advice or have questions, you should consult a lawyer.