Company Law
Company law truly can be such a broadly sweeping term. One of the most important aspects of company law is making sure that your company is properly and legally taxed. You certainly don’t want to run a fowl of the Internal Revenue Service. They have been known to levy stiff penalties and fines for tax violations and don’t appear to be slowing down with such measures any time soon. The most sure way to prevent these types of things from happening to you and your company is to make sure that it is clear as to what type of company you are setting in your articles of incorporation.
Most business and legal scholars would probably come to a relative consensus that a sole proprietorship has the easiest tax guidelines associated with it. One of those great legal things about a sole proprietorship is that it is not subject to outside mandatory audits like a large corporate entity with a board of directors. Large investment firms typically fall under the harshest audits possible. A sole proprietorship, like a one person run surf shop does not fall under such scrutiny. There are not as many legal penalties involved in dissolving your sole proprietorship. Part of the legal and moral reasoning behind this fact is that you were already hit with one hundred percent liability for all losses under the sole proprietorship so you don’t deserve to be kicked one more time as you are closing up shop.
Tags: Articles Of Incorporation, Business, Company, Company Law, Corporation, Incorporation, Law, Laws, Legal, Limited Liability, Limited Liability Corp, Limited Liability Corporation, Partnership, Tax