Colorado corporation and partnership law education and training will teach you how to create business entities such as a Colorado incorporation or limited liability company (LLC). It is especially important for attorneys who specialize in corporation and partnership law to understand the tax implications for a Colorado LLC and corporation.

The requirements needed to practice Colorado corporate law are determined by the state and may depend on the specific type of corporation law you wish to practice. A legal education in corporate law has three general phases:

1. The practice of Colorado incorporation laws requires a law degree. Practicing attorneys will generally require a Juris Doctor (J.D.) degree from a law school approved by the state of Colorado.
2. An aspiring lawyer will need to pass a bar exam that is administered by the state. A background check will also be performed along with a character and fitness evaluation.
3. The lawyer must apply to Colorado’s licensing authority and pay the required fees. The admittee then takes an oath to comply with the rules regarding the practice of law in Colorado.
   

Action Steps
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Complete the formal education needed to learn about Colorado corporation laws

There are a variety of universities in Colorado that grant J.D. degrees recognized by the state of Colorado. The required courses must be updated to keep up with changes in corporate law.

I recommend: The University of Denver Sturm College of Law is a top 100 law school that offers a J.D. degree and a number of dual degree programs. The University of Colorado is a top 20 law school that offers a full-time J.D. degree program.

Gain admission to the bar in order to form an LLC in Colorado

As a Colorado corporate lawyer, your clients will frequently wish to form corporations or partnerships with their businesses. Colorado has specific bar exam requirements and also allows lawyers licensed in other states to practice law in Colorado through reciprocity agreements.

I recommend: lexisONE offers information on the bar examination process such as fees and important deadlines in Colorado. MicroMash Bar Review provides a summary of the bar exam in Colorado, including the specific subject matter.

Obtain the additional requirements needed to practice Colorado LLC laws

Get licensing information necessary for a career in Colorado corporation law. An attorney in Colorado must also meet that state's continuing education requirements in order to renew a license to practice law.

I recommend: The Colorado State Board of Law Examiners answers specific questions of getting admitted to the Colorado bar. Members of the Colorado bar will also need to join the Navajo Nation Bar Association if they wish to practice law on the Navajo Nation.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Consider a Master of Laws (LLM) degree as a means of distinguishing yourself from other attorneys who practice Colorado partnership law. An LLM is a postgraduate law degree that generally requires an additional year of study at a law school. Graduates from regional schools frequently obtain an LLM in order to compete with graduates from more highly ranked law schools. This is also an excellent opportunity to begin specializing in corporate law.

Incorporating in Colorado requires you to understand the basics of Colorado corporate law. The structure of your corporation will be instrumental in the success of your business. It will affect your tax treatment, filing requirements, funding potential and liability obligations.

The ownership plans for your business entity will help determine how to incorporate in Colorado. A traditional corporation is useful to raise money with investors. Colorado corporate law requires complex ongoing paperwork, and will tax your business income on corporate and shareholder levels.

Registration under Colorado LLC laws is less complicated. Taxation occurs only on one level, the structure is simple and requires only two people to incorporate. Under Colorado partnership law, a partnership is appropriate for business ventures that have a limited time frame or a small number of people involved. Taxation benefits are similar to a Colorado LLC, in that there is no double taxation. The drawbacks include increased exposure to liability for the actions of the partnership.

The options available under Colorado corporate law are:

1. 1. A profit corporation.

2. 2. Limited liability corporation (Colorado LLC).

3. 3. Limited liability partnership (LLP) or Limited Partnership.

Action Steps
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Choose what works under Colorado corporate law

The decision on whether to set up a corporation or partnership depends on your long-term goals for the business. Ownership is easier to divide in a corporation, while partnerships are not well-suited for growth or sale and do not offer stocks. Taxation is different for both types of entities. And, finally, Colorado corporation registration, including Colorado partnership law, requires varying filing of paperwork and fees.

I recommend: FindLaw will guide you through picking the entity structure that works for you. If you need further advice, look for a site such as lawyers.com to find a Colorado attorney.

Make your Colorado incorporation a reality

Begin by choosing a business entity name that satisfies Colorado corporation law. Colorado corporate law requires filing certain forms as well as submitting fees. The filing may include articles of incorporation, or, for Colorado LLC registration, articles of organization. Fees will vary depending on the structure. File online for the most expedited service.

I recommend: Conduct a records search with the Secretary of the State's Office to find a business entity name that has not already been incorporated. Find the appropriate business entity form and file electronically at the Secretary of the State Business Center. Confirm the fee required by checking the business center's fee schedule.

Know the details of Colorado corporation law

You must abide by all Colorado rules and regulations with regard to Colorado incorporation, so review the related statutes carefully.

I recommend: Review the Title 7 of the Colorado Revised Statutes to understand your obligations when incorporating in Colorado. Read the Secretary of the State's cautions and tips with regard to Colorado corporations and Colorado LLC law to gain further information.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Remember that once you have filed for incorporation in Colorado, your job is not done. There will be annual filing requirements and fees to keep your business entity in good standing.