Estate Planning

Estate Planning Services

As business planning lawyers, Glover Russell, P.A. provides you with the help you need to incorporate a business anywhere in the state of Mississippi. A corporation is a legal entity that is separate from you, the owner, or stockholder.

To form a corporation in Mississippi, you need to file a certificate of incorporation and articles of incorporation with the Mississippi Secretary of State. You will have to provide the information requested, including the incorporator’s name and the name of the registered agent.

There are different ways to organize your corporation. An incorporation attorney from Glover Russell, P.A. will explain the benefits of each type and works with you to create the best structure for your commercial endeavor. They can also help you create a business succession plan.

Limited Liability Company or LLC

A Limited Liability Company has some features of a partnership and maintains the benefits of a corporation. Owners, called members, enjoy the limited liability benefits of a corporation.

The profits and losses belong to the members and may be subject to self-employment taxes. Generally, the LLC’s debts and liabilities are separate from the owners and the formation shields them from the liabilities. There are exceptions that an incorporation lawyer at our law firm would be happy to review with you.

Limited Partnership or LP

Two or more partners can form a Limited Partnership. The basic structure includes general partners and limited partners, at least one of each, who have different rights and responsibilities to the LP.

The general partner or partners control the business and manage the daily affairs. They are responsible for all obligations. Limited partners share in the profits and contribute capital, but do not take part in running the business.

Contact Glover Russell, P.A. and his team of business planning consultants in Jackson, to discuss your responsibilities in a Limited Partnership organization.

Limited Liability Partnership or LLP

The Limited Liability Partnership is a type of general partnership with all the benefits of a partnership and limitations on your liabilities.

In general, you are not liable for the debts your business incurs due to the negligence of your partner, an employee, an agent, or a representative. However, you are responsible for your obligations under your partnership, usually outlined in a partnership agreement that your Jackson incorporation attorney drafts.

Our attorneys explain the obligations your partnership holds you to and the liabilities from which an LLP does not protect you. Make an appointment to discuss your business needs with our Jackson business incorporation consultants.

Corporations and non-profit corporations

Business owners usually form their corporations as a C-Corp or S-Corp. A C-Corp has a tax plan where the corporate entity pays taxes on its’ profits and deducts its own losses. The shareholders pay taxes on the dividends they receive, but they cannot deduct business losses.

An S-Corp has a different federal tax status. The profits and losses from your business pass through the corporate entity and the shareholders report these profits and losses and certain other S-Corp expenses separately on their individual tax returns.

When owners form a corporation in Jackson and they intend to operate for a scientific, religious, or charitable purpose, they may want to incorporate as a non-profit organization. Non-profit corporations have specific rules which they must satisfy before the Internal Revenue Service will determine the corporation as a non-profit corporation as one of the following:

• Charitable
• Educational
• Religious

You may not want to incorporate your non-profit in some cases. It is important to speak to a Jackson incorporation attorney at Glover Russell, P.A., about your non-profit organization. There are specific state and federal laws you have to abide by when incorporating as a non-profit.

When you need reliable business planning services, please call our office at 888-457-4379 or contact us online so we may assist you.