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Guide to Louisiana Corporation and Partnership Law
Meet your business needs with Louisiana corporation and partnership law
The ownership plans for your business will help determine how to incorporate in Louisiana. A traditional corporation is useful to raise money with investors. Louisiana corporate law requires complex ongoing paperwork, and will tax your business income on corporate and shareholder levels.
Registration of an LLC in Louisiana is less complicated. Taxation occurs only on one level, the structure is simple and it requires only two people to incorporate. Under Louisiana 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 Louisiana 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 Louisiana corporate law are:
1. A profit corporation.
2. A Louisiana limited liability company (LLC).
3. A partnership or limited liability partnership (LLP).
Action Steps
The best contacts and resources to help you get it done
Choose what works under Louisiana corporate law
Do you want to form a corporation or partnership? The decision 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, Louisiana corporation registration, including Louisiana 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 Louisiana attorney.
Make your corporation in Louisiana a reality
Begin by choosing a business entity name that satisfies Louisiana corporation law. Louisiana corporate law requires filing certain forms as well as submitting fees. The filing may include articles of incorporation, or, for Louisiana LLC registration, articles of organization. Fees will vary depending on the structure.
I recommend:
Conduct a records search through the Secretary of the State's corporation database to find a business name that has not already been incorporated. Find the appropriate business entity form at the Secretary of the State's Filing Forms for Corporations page, including Louisiana LLC forms, to file with the Secretary of the State's Corporation Division. Confirm the fee required by checking the Secretary of the State's Corporation Division's fee schedule. Prior to submitting your forms, review them forms against this checklist prepared by the Corporation Division. You may have your filing processed while you wait for an expedited filing fee if you file in person at the Secretary of the State's office.
Know the details of Louisiana corporation and partnership law
You must abide by all Louisiana rules and regulations whether you file for a corporation in Louisiana or LLC in Louisiana, so review the related statutes carefully.
I recommend:
Review Title 12 of the Louisiana Revised Statutes found at Justia.com to understand your obligations when incorporating in Louisiana. Use a reputable incorporation service such as LegalZoom.com to complete your Louisiana incorporation for you, to ensure compliance with laws.
Tips & Tactics
Helpful advice for making the most of this Guide- Remember that once you have filed under Louisiana incorporation laws, your job is not done. Louisiana corporation law requires annual filings and fees to keep your business in good standing.
