Legal Question in Business Law in Michigan
Filing Forms
I am doing a project for my Business Law class, and we had to start our own business telling whether we would start a sole proprietorship, partnership, or incorporation. I chose a partnership and I have to explain how I would start the business, for example the registering of my business, the financial aspects, and the filing forms. Could anyone explain to me those aspects.
1 Answer from Attorneys
Re: Filing Forms
Ah, No.
Why a partnership? It's a dead-end entity in my opinion. For a closely held business (small business where shareholders are also employees) choose a S-Class corp. (LLC may make more sense in certain land transfers, but that is way past the scope of this answer). S-Class corp. are (relatively) easy to set up short run. However, most closely held corps are so thinly capitalized and lacking in the fundamental characteristics of a corporation that they would ultimately fail thier single most imporatant purpose (liability protection for its shareholders!). But I digress from your question, eh? Seriously, tell your professor that just filing out the forms is just scratching the surface. One needs to seriously consider the shareholder's tax needs, anticipated liability, shareholder agreements, licensing requirements of the business, etc. If you just want the form, go to www.michbar.org, then to forms, and to the state site. All the forms are there in adobe format for free download. Good luck.
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