Business development services | Philadelphia, PA

    Buy/Sell Agreement

    buy/sell agreement details the price and terms of a sale of a business or real property.

    A buy/sell agreement for business development include provisions outlining the terms of the sale, information about the business, assets and obligations being transferred, and a non-competition agreement.

    A buy/sale agreement for real property includes provisions outlining the terms of the sale, disclosures, and the obligations and fixtures being transferred.
    A buy/sell agreement details the price and terms of a sale of a business or real property.

    A buy/sell agreement for a business included provisions outlining the terms of the sale, information about the business, assets and obligations being transferred, and a non-competition agreement.

    A buy/sale agreement for real property includes provisions outlining the terms of the sale, disclosures, and the obligations and fixtures being transferred.

    Incorporation

    Incorporation means creating a new corporation. A corporation is an organization that is approved by your state to conduct business. It is a legal entity separate and distinct from its owners; a separate person in the eyes of the law.

    Most people form corporations to protect their personal assets because the owners of a corporation are generally not personally responsible for the corporation's debts. This is called "limited liability protection."

    The creation of this entity generally requires the preparation and filing of certain documents with The Secretary of State (or other appropriate department) in your state of formation, and running the corporation generally requires more formality than is required for most types of businesses. The corporation is formed by an incorporator, owned by shareholders, managed by directors and typically operated by its officers.

    Inc. vs. LLC: Which Is Right For Your Business?

    If you've started a business of your own, you'll eventually have to decide whether to set it up as a corporation or a limited liability company. Each of these has advantages and disadvantages, and a comparison between an Inc. vs. LLC can help you choose the best fit for your new endeavor. While both provide you with protection against loss of personal assets if the business fails or is losing money, there are a few key differences you need to understand.

    Inc. vs. LLC: The Basics

    While both incorporation and forming a limited liability company prevent creditors from pursuing your personal property in the event of business losses or lawsuits, incorporation is more complex and offers greater overall financial protection because it allows the company to offer stock options, create retirement plans and much more. An LLC protects your personal assets but is simpler in structure and doesn't include stock options, retirement plans and other entities common to corporations.

    Inc. vs. LLC: Profits

    When discussing profits, the difference between incorporation and LLC formation is dependent on goals of the business and shareholders. If you choose incorporation, profits are taxed differently. As a C Corporation, the business files business taxes, but can offer tax benefits in certain situations. It's especially good if you want to use profits to reinvest in the growth of the business. In an S Corporation, double taxation doesn't happen, rather the profits are passed through the shareholders (depending on how many shares you own) to claim on their personal taxes. Personal taxation, therefore, with an S Corporation, works much like in an LLC.

    If you form an LLC, all profits are considered part of your personal income and will be taxed accordingly, including social security and Medicare taxes deducted from your income come tax time. There's flexibility though with an LLC in how you or the members of the LLC choose to be taxed and viewed by the IRS. Still, the bottomline comes down to liability risk and how members want to deal with the formality of one over the other. Always consult a tax professional who can help steer you in the right direction.

    Advantages Of Incorporation

    The biggest difference between incorporation and LLC creation is the tax advantage of incorporation. If you are incorporated, you only need to pay yourself a reasonable salary out of your profits. The remainder of the profits will be distributed to you and any other owners as dividends, which are taxed at a much lower rate. It is more expensive to form any kind of corporation, and the government oversight of accounts and filings is quite stringent. If you want to bring investors and shareholders on board, incorporation is required so that you can issue stocks.

    Advantages Of Forming An LLC

    A limited liability company has a few downsides, including taxation of all of your profits as income, including social security and Medicare, with you being both the employee and the employer. Because this is a simpler structure, however, an LLC requires less paperwork, no mandatory shareholder meetings and less government oversight. Setting up a limited liability company is simple and inexpensive and takes just a few pages of paperwork.

    At We the People, we can show you the difference between incorporation and LLC formation and help you fill out the appropriate paperwork so that you and your business are protected. For more information, visit or contact our office.

    Limited Liability Company (LLC)

    An LLC is a type of business entity that combines several characteristics of a corporation and a partnership. As the name suggests, an LLC offers personal liability protection to its owners for company debts and liabilities. This liability protection is similar to the liability protection offered to shareholders of a corporation.

    An LLC also offers flexibility to its owner in that the owners can elect to be taxed either as a partnership or as a corporation and the owners can choose how the LLC will be managed. The creation of an LLC generally requires the preparation of certain documents that are filed with the Secretary of State (or other appropriate department) in your state of organization.

    Partnership Agreement

    Any two individuals or businesses can enter into a partnership. Although a partnership does not offer the liability protection to the partners that a corporation can offer to its shareholders, partnerships tend to be less cumbersome, easier to manage from an administrative standpoint and require few, if any, document filings with governmental agencies.

    To make sure that every partner understands his or her role, responsibility and compensation, it is critical to outline the specific terms of the partnership upfront, focusing on ownership, capitalization and operational issues. Most people tend to choose to enter into an agreement addressing these important business topics in the early stages, so that there is no confusion or ill will amongst the partners later on.

    Non-Profit Corporation

    A nonprofit (also referred to as Not For Profit) corporation is a legal entity that is formed for specific purposes. Nonprofits may be involved in a wide range of areas relating to the arts, charities, education, healthcare, politics, religion, research, sports or some other endeavor.

    Nonprofit organizations are formed by incorporating in the state in which they expect to do business. The creation of this legal entity generally requires the preparation and filing of certain documents with the Secretary of State (or other appropriate department) in your state of formation.

    The act of incorporating creates a legal entity enabling the organization to be treated as a corporation under law and to enter into business dealings, form contracts, and own property as any other individual or for-profit corporation may do.

    A nonprofit operates like a regular corporation. It has directors (often called trustees) and officers. But, there are no shareholders and no stock. Any profit the company earns is supposed to be used to advance the nonprofit corporation's stated purpose. The directors, officers, and employees may earn reasonable salaries.

    After the state has approved your incorporation, most Non-Profits will file for tax exempt status from the federal government. This is commonly known as filing for 501 (c) 3 status with the IRS.

    The 501 (c) 3 status will exempt the organization from having to pay most taxes. In addition, it will allow the application for government grants and loans as well as make the corporation appear "more legitimate" in the eyes of potential donors whose donations would then also be tax deductible.

    The 501 (c) 3 process is somewhat complex and time consuming. The IRS estimates that it would take someone not familiar with the procedure between 30-100 hours to complete.

    Let We The People help you incorporate your Not For Profit and walk you through the 501 (c) 3 IRS filing.

    Fictitious Business Name (DBA)

    A fictitious name, often referred to as a "Doing Business As" designation or DBA, is a trade name used by companies in the marketplace. A company that is doing business as a particular entity with a name other than their original, corporate name is operating under a fictitious name.

    Why You Should Register Your DBA

    If your business wants to set up a new store, office or any other entity under a new name, you should always properly register your DBA in order to ensure no other company will try to use that name for their own purposes. It will also protect you as a legitimate business when handling banking transactions.

    Advantages Of Doing Business As

    There are several advantages to filling out and properly filing DBA forms any time your business wants to begin operating under a new name, including:

    • A DBA is far less expensive than incorporating your new name as a separate business.
    • A company that is "doing business as" another entity allows business owners to mingle funds, operating costs and profits rather than having to separate the two entities completely.
    • It protects you from infringement on your DBA name by other companies or individuals.
    • It allows you to collect payments and open and operate bank accounts under your DBA name.
    • Doing Business As gives you more opportunities to operate under a unique, attention-grabbing name tailored to a specific niche market.

    Local And State Laws For DBAs

    Many states and counties require that a fictitious name be registered in order to protect both consumers and businesses. It also ensures that consumers can determine which company or individual is ultimately responsible for any problems that might develop. If you're considering registering for a fictitious name, be sure you understand the applicable local and state laws.

    When you're ready to register your DBA, We The People can walk you through the process and ensure that you've filled out each required DBA form properly, protecting your company's name and giving you a new and valued Doing Business As name for an exciting future.

    Corporate & Business Forms

    As a business owner, you're constantly faced with a variety of challenges as you compete in the marketplace. Our corporate forms can save you lots of time and research so that you can quickly prepare the countless business forms you need during the course of doing business without having to hire an attorney and pay a premium price. Whether you need to prepare a Fictitious Business Name Statement or create a Partnership Agreement, we have business document preparers in each of our offices that will work closely with you to make sure you've properly executed every one of the corporate forms required to keep your business running smoothly.

    Document Preparers Versed In All Aspects Of Business Needs

    When you walk through the door of our office, you'll be working with trained, experienced document preparers who will ask the right questions to make sure you have everything you need and help you to prepare your corporate forms properly.

    You've put your heart and soul into your business and our document preparers understand how important it is to you. Every year, there are countless situations that have to be addressed by successful companies in order to survive and grow. These business forms can range from a relatively simple fictitious name filing to a complex application for incorporation. Don't let unfamiliarity with business forms hold you back when your business is ready to move to the next level.

    Why Are More Companies Turning To We The People Document Services Every Year?

    • Our document preparers have years of experience and have helped businesses of all sizes prepare the appropriate business forms.
    • We can save your company a significant amount of money in fees every year when you use our document services to prepare paperwork that attorneys charge far more for.
    • We understand how hard it can be to get away from your office or job site. Our convenient and flexible hours make it easier for you to schedule an appointment to get the corporate forms you require.
    • Our document preparers are educated, experienced professional who will work closely with you throughout the preparation of your business forms so that you are comfortable with their accuracy and appropriateness.