Post-Flight Session 1 – Incorporation
Post-Flight session one was held on Thursday February 23rd at 5pm in the Wond’ry and was presented by Waller Law Firm on the topic of Incorporation.
The group learned that establishing an entity creates structure and provides personal asset protection, legitimacy, perpetual existence, and provides tax benefits in some cases. Starting a business off right and creating that structure that is needed is an important step of the business.
Each entity we talked about had pros and cons and should be carefully evaluated to be sure the right entity is chosen for the business that a person or group of persons plan to pursue. The different types of entities are sole proprietorship, general partnership, limited partnership, limited liability partnership, corporation, C-corporation, S-corporation, and limited liability corporation(LLC). Normally, businesses choose the LLC entity because it is more flexible and can have the form of a corporation.
We dove into more detail of entities covering formation documents, organizational resolutions, governing documents, management and operations, voting rights, and ownership restrictions. If you would like to learn more about how to jump start a business idea, sign up for future sessions of pre-flight and post-flight in the fall semester.