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Wanting to expand my business from one corporation to 2 or 3…

Customer Question
Wanting to expand my...

Wanting to expand my business from one corporation to 2 or 3 for further protection for each individual business. looking for someone to help

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

California

Lawyer's Assistant: Has anything been officially filed? If so, what?

Sacramento

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I currently have a corp since 2005 will be closing & openine new nothing filed for new yet

Submitted: 2 months ago.Category: Business Law
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Answered in 2 minutes by:
12/20/2017
Business Lawyer: Roy Hadavi,
 replied 2 months ago
Roy Hadavi
Category: Business Law
Satisfied Customers: 1,107
Experience: Attorney at Law Offices of Rosenstein & Associates
Verified

Hi. My name is ***** ***** I am a licensed California attorney with extensive business law experience. I would be happy to provide assistance. Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

I have reviewed the information you provided. What is your question?

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Customer reply replied 2 months ago
Many ?
1. When closing a corporation & opening another whats the process for closing one.
2. I don't want my personal name involved in the new corp.
3. What state do I set up in
4. is 2 different corps better than one for the type of business I have
5. would be best if I could get a referral of someone in the Sacramento are to help with all of this???
Customer reply replied 2 months ago
all I need is a referral in Sacramento for my 47.00
Business Lawyer: Ely, Attorney replied 2 months ago
Ely
Ely, Attorney
Category: Business Law
Satisfied Customers: 103,161
Experience: Counselor at Law.
Verified

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. (You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.)

Your previous expert has opted out and I have opted in.

One wants to form their corporate entity (corporation or LLC) in the state where business will be done. You will hear a lot about how states have different advantages re: corporations, but in reality unless one has a multi-state, multi-million dollar business, these advantages do not come into play. And anyhow, you'd have to register your entity in every state in which you do business, anyhow.

There is no need for "layering," meaning a corporate subsidiary of a corporation, etc. Provided you follow BEST PRACTICES AND DO NOT GIVE A PARTY A CHANCE TO PIERCE THE CORPORATE VEIL, then simply having a corporate entity alone is enough.

Finally, public documents require the listing of all directors and other persons connected to the corporate entity. There is only one sure-fire way to avoid this (well, even this is not 100%). This is by creating a TRUST and having the be the formal owner of the corporation. Why? Because trust paperwork does not have to be filed with the state in most cases, meaning that the corporation can be linked back to the trust, but the record of the trustee/beneficiary/grantor of the trust can be avoided in public records.

Per your referral request, may I recommend the Sacramento County Bar Association referral program - 916(###) ###-####/strong>. The attorneys are vetted and qualified. You should be able to find an attorney you are confident with and whom you can trust, and who is available ASAP.

"I STRIVE FOR FIVE!" My goal is to answer your question to your satisfaction. Please rate with five stars (★★★★★) and click SEND. It does not cost anything extra to rate. You may need to scroll left/right/up/down to see these stars. Rating my answer the bottom two stars or failing to submit the rating reflects poorly on me, even if my answer is correct. If you are not satisfied for whatever reason, or, have follow up questions, please simply reply with SEND before or after rating and let's continue to chat until you are satisfied. This is what I am here for.

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Customer reply replied 2 months ago
the phone number to Sacramento County Bar Association referral program -(###) ###-####is not working
Business Lawyer: Ely, Attorney replied 2 months ago

Strange. But that is okay, you can request an attorney online using the same program. See here:

www.sacbar.org/lrs.html

Kind Reminder: Please, use SEND button to keep chatting, or please rate positively and click SEND to submit your rating once satisfied. You may always ask follow ups at no charge before or after rating. "I STRIVE FOR FIVE!"

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Ely
Ely
Ely, Attorney
Category: Business Law
Satisfied Customers: 103,161
103,161 Satisfied Customers
Experience: Counselor at Law.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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