We have the answers to your questions,

starting with the Top 17 Questions we get:

1. What is involved in deciding in which state to form my business entity? There is no single consideration for deciding on where to form your business entity. Consider things like where you do most of your business, benefits such as anonymity offered by a state, whether you have employees, fees for filing, and the costs of doing business in a particular state.
2. Which business entity type should I choose? To decide as to business entity formation, consider your growth plans, taxation factors, and the extent of protection owners need. What is most important is that you consult with a business, tax expert, and decide as soon as you can so the business starts out right.
3. How does transferring personally owned real estate into the business work? There is no single answer or situation. Consult an attorney or other legal advisor about how these transfers work and can avoid IRS issues.
4. If I am buying property with IRA funds, should I use an LLC? IRA funds are strictly managed with many limitations imposed by the IRS. When allowed, Hive Law may set up an LLC for your properties, but often this is not allowed by the IRA custodian. In all cases it is crucial to work with your IRA administrator for proper use of IRA funds for property acquisitions.
5. What makes LLCs different from C and S Corporations? While liability protection for owners/shareholders/members is common to all corporate and LLC structures, there are significant differences in how the income and taxes are treated. C Corporations are taxed at the corporate level on income and then shareholders are taxed on individual returns when they receive distributions. S Corporations and LLCs have options as to how to handle income taxes, but generally pass through income to the shareholders/members to be taxed once at the individual level. Consult with Hive Law tax professionals to determine the best business entity structure for your business type and owner(s) needs.
6. What is a registered agent and what do they do? Corporations, S Corporations, and LLCs formed in the U.S. are required to have a registered agent. This is a person designated to be the legal contact for important communications with the business. Information, such as legal and tax communications will be received by the registered agent and forwarded to the appropriate party in the business.
7. How long does it take to set up a business entity? Setting up business entities is controlled by the state in which the business is being formed. The time it takes can vary from a few days to more than a month. Times stretch toward the end of a year, as there is a rush to form new entities at that time.
8. Without a large income or dependents, do I still need a will? Whatever your income or potential heirs, you need to set up a will. You want to direct the actions to be taken upon your death and how your assets should be handled. You may want to direct your assets over liabilities to a favorite charity or extended family. If you die without a will, the state takes over and costs rise for settling your estate.

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9. Can Hive Law help me with proxy clauses or health directives? Absolutely, as every adult should have directives set out to arrange for care of them if incapacitated. You should also keep a file with all critical contact names and numbers of legal, medical, and family members.
10. Once my business entity is set up, what bank account(s) do I need and how do I set them up? You will need a business bank account and possibly others in order to keep your business and personal funds and transactions separate. A bank can do this for you if you take in documentation to include the state business registration information, personal information and identification of owners, the business federal Employer Identification Number (EIN), and you may need your articles of incorporation.
11. Can I use a DBA for my Corporation or Business? The DBA, “Doing Business As” designation can be used to have your business operating with a different name from the legal business name. Reasons for this include better identification of the business’ function, wider public recognition, or privacy for the registered business name. Privacy can benefit protection strategies to avoid lawsuits.
12. If I need more than one entity, how is that handled? The Hive Law team has experience with different business types that have a need for multiple entities for different aspects of their business. A tiered structure with some entities owned by others can also be set up to customize the structure to the needs of the business.
13. How do I reach Hive Law with questions about any aspects of my business or legal and tax structures? Answering your questions and keeping you informed are high on Hive’s list of priorities. Contact our representatives at phone number. Our regular business hours are 8:30 – 5:30 MST, with our workdays being Monday through Friday. One-on-one appointments can also be arranged.
14. Does Hive Law file copies of my company, asset protection, and legal documents? Definitely. Hive Law is committed to your business’ well-being, and will retain and secure copies of all documents in which we are involved or create for you.
15. Do you help with my annual state business renewals and reporting? Helping you to keep your business structure and legal entity current is one of Hive’s highest priorities. Yearly, without fail, Hive Law will notify you at renewal time by email, text, and phone.
16. Can Hive Law help me with my filing for and EIN? Your time is most valuable in managing your business and working with customers. Hive Law, in the course of your business setup, will handle your business EIN filing. We know that the IRS website can be complicated, so let up take care of it. We will register your business and then renew it annually.
17. Is an Operating Agreement necessary for my business? Though an operating agreement is not required by all states, it is a good idea to have one to clarify the responsibilities of owners. It will help to protect you should there be disagreements or business disruption due to death, non-performance, or dissolution. In those states that do require an operating agreement, we can assist you with an operating agreement. In cases where an operating agreement is required, such as in seeking business funding or forming a partnership, we are here to help.

Get going on your dream business today!

Fast, worry-free services, with the expert support you need to get going today.

GET STARTED