Princeton Corporate Structure Attorney
Before starting a new venture, you must choose the correct type of business entity now with the help of our seasoned Princeton corporate structure attorneys at Inderjit K. Sidhu Esq. LLC to help you avoid legal and regulatory troubles later, and help your business earn more. The proper selection and formation of a business entity can provide critical advantages, including asset protection, and a well-defined corporate structure.
Our business law office helps companies of all sizes rise to the challenge with legal knowledge of corporate and business-related transactions. Contact us now and schedule a free 15-minute consultation with our skilled New Jersey business law attorneys.
Why Do I Need a Corporate Structure Attorney in New Jersey?
Business law is extensive. This practice area deals with protecting liberties and rights, maintaining order, resolving disputes, and establishing guidelines for business entities and their interactions with the government and individuals. Whether you are a small business owner, a prospective investor in a new or existing business, or an emerging entrepreneur, you need a credible Princeton corporate structure attorney by your side to guide you every step of the way.
Wide-Range of Legal Services
At Inderjit K. Sidhu Esq. LLC, we do business and corporate law for clients in Princeton, NJ over many decades. We handle a wide range of business law services that could help you protect your business such as:
- Corporate Structuring
- Regulatory Compliance
- Business Litigation
- Business Contracts
- Mergers and Acquisitions
- Asset Purchase Agreements
- Buy-Sell Agreements
Navigate Complex Business Processes
Our legal team understands the unique issues that businesses face. By understanding your business goals, we can better structure your legal transactions and protect your business interests. We can help you smoothly navigate complex business processes and provide high personal attention to every client’s needs.
Well-Prepared for Litigation
We have extensive experience in handling business legal issues of any size or complexity. If litigation becomes necessary, we will defend your rights in court and provide the best possible results for your case.
We also look after your best interests by finding strategies to limit your personal liability and increase your chances of success. Contact us today and schedule a free 15-minute consultation with our top-ranking corporate structuring attorneys in Princeton, NJ to help you explore your legal options.
What is a Corporate Structure?
A corporate structure refers to the organization of different departments or business units within a company. Each department usually performs a specific function while constantly collaborating to achieve corporate goals. A qualified Princeton corporate structuring lawyer can help you determine how a corporate structure works.
The corporate structure of a business is important because it determines the ownership, control, and authority of the organization. A well-defined corporate structure helps a business shape its goals. It is useful for startups because it helps them to outline positions and responsibilities. This can also attract investors who easily understand how a company plans to make profits.
What are the Roles in a Corporation?
To understand the structure of a corporation, it is important to be familiar with the different corporate roles and how they work together. With the continuously changing corporate horizon, it has become increasingly difficult to keep track of what people do and where they stand on the corporate ladder.
It is important to inform them about the rights and responsibilities of each position according to the state’s corporation laws. It is essential to conduct business in keeping with the rules to avoid putting your liability protection at risk. A competent Princeton corporate structure lawyer can explain the different roles and responsibilities in a corporation.
The manager and owners of a corporation are categorized as:
In a corporation, shareholders have shared ownership, represented by holding shares of common stock. The shareholders are the owners of the business. They have the right to share in the profits of the business but are not personally liable for the company’s debts. This concept is known as limited liability and is one of the main advantages of the corporation as a form of doing business.
Shareholders participate in the corporation by:
- changing the bylaws
- adding or removing board members
- voting on major corporate decisions
- dissolving the corporation
Board of Directors
Shareholders elect board members. The board is responsible for overseeing and directing the business of the corporation in the best interest of the shareholders. Board members owe a duty to the shareholders to keep the corporation running efficiently.
Officers handle the day-to-day affairs of the business. Officers can hire employees to help run and manage the business. Common officer positions include:
- Chief Executive Officer (CEO) or President: The CEO is the highest manager of the corporation who enforces policy, signs documents, and works with the board of directors. It is the CEO’s responsibility to implement board decisions and initiatives.
- Chief Operations Officer (COO) or Vice President: The COO reports to the CEO and is responsible for sales, production, staffing, and marketing.
- Chief Financial Officer (CFO) or Treasurer: The CFO writes budgets, tracks spending, writes reports, and analyzes financial records for the corporation.
- Secretary: The secretary keeps corporate records and takes minutes at shareholder meetings.
- Employees: All others who work for the business are employees.
How to Form a Corporation in New Jersey?
Each state has different requirements for forming a corporation. Whether you are starting a business or incorporating a business already in existence, it is imperative to work with a qualified Princeton corporate structuring attorney who can help you understand the state requirements for New Jersey incorporation.
To form a corporation, you need to take the following steps:
Choose a Corporate Name
Choose a business name for the corporation and check for availability. Your corporation’s name must contain one of the following words or an abbreviation:
- the abbreviation “Ltd.”
File Certificate of Formation
Your corporation is lawfully created by filing a Certificate of Business Formation with the New Jersey Division of Revenue, Department of Treasury, and Enterprise Services. The certificate must include the following:
- corporate name and address
- name and address of the agent
- your purpose
- the names and addresses of each incorporator
- the names and addresses of the initial directors
- your tax year closing month
- the number of shares the corporation is authorized to issue
Appoint a Registered Agent
In New Jersey, every corporation must have an agent for the service of the process. The agent must agree to accept and receive legal documents on the corporation’s behalf if it is sued.
Prepare Corporate Bylaws
Bylaws are defined as internal rules for how you will run and manage your organization. There is no set criteria for the content of bylaws, but they typically set forth internal rules and procedures for the corporation. These rules must be imposed according to the state’s minimum requirements, such as the frequency of meetings and the number of directors.
Appoint Directors and Hold Board Meetings
The incorporator will select the initial corporate directors who will serve on the board until the first annual meeting of shareholders.
Issue stock to each shareholder in return for their capital contributions of cash, services, or property.
File Annual Report Requirements
In New Jersey, all corporations must file an annual report with the Division of Taxation.
Comply With Other Tax and Regulatory Requirements
Determine what tax and other regulatory obligations the corporation has, and take care of any necessary registrations. Your corporation must obtain a federal employer identification number (EIN). All new businesses must register with the Division of Revenue using the Business Registration Application.
Call our Experienced Princeton Corporate Structure Attorney Now!
Businesses, whether they are small or large, all require transactional legal services. If you are planning to start your own business in New Jersey, or if you need help in business formation, it is crucial to seek legal advice from our trusted Princeton corporate structure attorneys at Inderjit K. Sidhu Esq. LLC.
We can review your business plans and advice on issues involved in business formation and maintenance, including potential liability, corporate entity formation, and tax structures. Our business law firm provides legal advice to our clients on their legal obligations, rights and responsibilities, business structures, and evaluation of ventures.
We can ensure that our Princeton office provides the sound advice and knowledgeable representation you require. Contact us now and schedule a free 15-minute consultation with our New Jersey business law attorneys.