Business Lawyer in Boulder | Boulder Small Business Attorney
Despite the rise of the limited liability company (LLC) in Colorado and elsewhere, corporations are still a very common form of business entity, and, although the administrative burden and dual layers of taxation mean they are not for everyone, there are still good reasons to use them in certain situations (e.g., they are still the most preferred entity when organizing a non-profit).
Unlike LLCs, which may or may not be required to file a corporate tax return with the IRS depending on whether an election has been made to be treated as an S Corporation, all corporations are obligated to file a corporate tax return. If an S Corporation election is allowed under the circumstances and such election is timely made with the IRS, the corporation will not be subject to the corporate level of taxation, although a corporate level tax return will still have to be filed. Otherwise, if no S Corporation election is made, the corporation will be required to pay taxes at the corporate level and the individual level (i.e., no pass-through taxation).
The owners of Colorado corporations are called shareholders and ownership interests are measured in shares, which are reflected on the company’s books. The chief officer of a corporation is usually called the Chief Executive Officer (CEO) or President.
If you are starting a business in Colorado or have already organized your business entity as a corporation and are looking for a Corporate Attorney in Boulder, Colorado with a results oriented, cost-effective approach tailored to your matter’s specific needs, contact Newell Law. We have the experience and knowledge to achieve the best results possible for your case.