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ACC 291 Week 3 DQ 1
$ 15.00

A company might choose to form as a corporation, because of owner protection from legal liability, ability to attract investors, corporate framework/power structure, and stock and stock options for employees. The usual steps required in becoming a corporation include: having a name for your business, preparing and filing the required paperwork with the Secretary of State in the state of incorporation, paying the required filing fees, choosing a board of directors and adopting corporate bylaws, and authorizing the board of directors and officers of the company to conduct business and conduct other business-related activities. As I mentioned previously, some of the advantages of forming a corporation are: owner protection from legal liability, ability to attract investors, the corporate framework/power structure, and stock and stock options for employees. Some disadvantages include: the time and cost of incorporation, following corporate formalities, and potential tax liability.

 

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