Starting a business is exciting and can be very time consuming. You need to ensure you have taken the necessary steps to protect yourself legally today and for the future of your business. At The OWL Resource Group, we help business owners of all sizes with a number of their legal needs and help create the documents necessary to successfully form their business.
Considering Business Formation
Business owners must take tax, legal, and operating considerations when determining which business entity is suitable for their needs. The business law team at The OWL Resource Group can help you make that decision and help with some of the following:
Before incorporating, there must be a name search done on your corporate name and the proper documents must be drafted to send to the Secretary of State. We can help you with all the legal requirements for establishing your business as an incorporated entity in Grand Rapids, MI and help with all the filing requirements. Businesses that incorporate often have an easier time raising capital and may help protect the owners personally from liability.
Your company by-laws will be critical to long-term success. Under MCL 450.1231 Michigan businesses must have bylaws that must be adopted by incorporators, the board or by shareholders. In addition, there may be provisions that allow for amendments, appeals or when appropriate, adoption of new bylaws. Generally, company bylaws can clarify the management of the business subject to the law.
Your business should have operating agreements in place that define how the various managers and members of the business will handle various aspects of the business. These agreements should include managerial control, financial agreements, how losses and profits are divided and what agreements all parties have should the company dissolve.
Generally speaking, banks will not open business accounts unless you have an Employer Identification Number (EIN). Once your business has been established, we can help you with the application process so that you have all the paperwork you need to open bank accounts and establish business credit lines.
If you are considering a Grand Rapids, MI business, The OWL Resource Group can help you with all the paperwork that you will require. Whether you are opening your business in Kent County, Ottawa County, Allegan County, Muskegon County, Kalamazoo County, Ionia County, and Newaygo County you can count on us for all your startup legal needs. Call The OWL Resource Group today at (616) 633-1371 and let us assist you with your business formation.