Ownership+Structure

Add the Partnership Agreement which you previously signed to this page with an explanation that your current form of Legal Ownership is a Partnership

3) Use the Internet to research and locate the legal requirements for incorporating a business in the State of Tennessee.

•Maintaining bank accounts;
== •Maintaining offices or agencies for the transfer, exchange and registration of the corporation’s own securities or appointing and maintaining trustees or depositories with respect to those securities; ==

•Securing or collecting debts or enforcing mortgages, deeds of trust, and security interests in property securing the debts;
== •Owning, without more, real or personal property (including, for a reasonable time, the management and rental of real property acquired in connection with enforcing a mortgage or deed of trust if the owner is attempting to liquidate the owner’s investment and if no office or other agency, other than an independent agency, is maintained in Tennessee); ==

•Transacting business in interstate commerce.
4) Place the legal requirements that you must meet to gain Corporation status from step #1 on this page in an organized, understandable manner so that the Sharks will know that you are considering “incorporating” The Steps for incorporating business in Tennessee

5. Get a local business license from the city (or county) where you will be doing business.
5) Discuss the pros and cons of “incorporating” with your partners, and make a list of them on this page to show the Sharks that you have seriously considered all the angles 6) Discuss your current form of ownership and the possibility of incorporating, and make a decision regarding which type of ownership you feel would be best for your company at this time. Place your decision (“After discussion we have decided…) on your page along with supporting reasons for your decision
 * __Pros __**
 * Limited Liability
 * Taxes
 * **Greater access to capital **
 * **Lifetime capital gains deduction **
 * __ Cons __**
 * Taxes
 * Paperwork
 * **Higher start-up costs **
 * **Increased formalities **

(6.1)