Questions? We have the answers?

1. In what state should I organize my business entity?

Deciding which state to set up your business entity means evaluating where you do business, do you have employees, anonymity offered by the state, and the costs of doing business, such as filing fees.

2. What kind of business entity do I need?

The type of entity you choose is highly personalized and depends on some of your business plans and taxation needs. The bottom line is that all types of entities can protect you, and the most important decision is to take action.

3. Is Veil a law firm?

Veil is not a law firm and is not a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms, or strategies. Fulfillment of legal services will be provided by a law firm or licensed attorney..

4. How do I transfer real estate and other property to my business from my personal name?

Every situation is unique—you should seek legal advice from professionals to discuss your individual circumstances.

5. Does Veil receive my company mail?

If you choose Veil as your Registered Agent, we will receive company mail addressed to the registered agent for your company. This is a confidential fiduciary trust. Once we receive your sensitive mail, Veil will forward it to your private mailing address. Your company will receive mail that is addressed to your company offices.

6. Do I need an LLC if I’m buying property using IRA funds?

Numerous rules surround the acquisition of properties using IRA funds. Some IRA companies place IRA-funded properties in an LLC, provided all rules are met, but often will not allow Veil to set up an LLC for this purpose. It will be critical to work with your IRA administrator on these acquisitions.

7. Are there differences between LLCs and corporations?

Technically, all entities are Limited Liability entities, but these entities are commonly differentiated as C Corporations, S Corporations and LLCs. The primary differences are the ways that income and taxes are assessed. C Corporations tax company income and then also tax income disbursed to owners. S Corporations and LLC’s both have options in terms of how income is taxed, but generally assign the company’s income to the owners for taxation purposes. To determine the best form of entity for your business, speak with our referred tax professionals to see which type is the right form of entity for your investments or business.

8. Can you explain the purpose of a registered agent for a business entity?

All entities organized in the U.S. must have a registered agent, who will be the legal contact point to receive important communication, and legal and tax information and forward that information to the entity’s management team. Registered Agent contact information must be publicly available. Veil offers this service to its clients on a flexible basis according to the needs of the business. Click here to learn more about this service.

9. Does it take a long time to set up a business entity?

The length of time needed to process the organization of a new entity can range from a few days in most states, to over a month. Time periods are usually greater at the end of each calendar year. 11. Will I get to talk directly to an Attorney when setting up a business structure or my Estate Plan? Of course, we want every detail to be accurate and legal. Our team will administer a questionnaire to gather pertinent information, and then you will consult with your referred personal attorney to finalize decisions and finalize the organization of your business or estate plan.

10. Do I need a will even if I do not have a large income, or a spouse or children?

The reasons to set up a will do not depend on income or whether you have any related heirs or your current marital status. You will likely still want to direct the distribution of your estate to a favorite charity, or more extended family. State intestacy laws will otherwise step in and the income would likely be absorbed by the state.

11. Does Veil provide proxy clauses or health directives?

Yes, this is a fundamental arrangement for any adult so that someone could arrange for proper care for you if you cannot do so yourself. We also encourage you to keep a file with vital contact numbers of family, medical, attorney, etc.

12. Once I have a business entity, do I need a bank account and how do I obtain one?

A business checking account, and possibly other accounts will be needed to keep personal and business funds separated and can be set up by a bank with the following documentation: Personal identification for owners, state business registration, Federal Employer Identification Number (EIN) and possibly articles of organization.

13. Can my Corp have a DBA?

Yes. Businesses often conduct business under another name, referred to as a “Doing Business As” (DBA). The purposes of the DBA could include better public recognition of who you are or what your business is, plus providing additional privacy for the registered business name. Privacy is another form of protection from lawsuits.

14. What if I need more than one entity?

The Veil team often works with people who need multiple business entities to cover various aspects of their business. Entities can even be set up that are owned by other entities, so that your business structure can be tailored to your specific needs.

15. If I have questions about Veil processes, or my entities or asset protection, how do I contact Veil?

We are anxious to be available to answer questions and resolve your concerns. Please contact one of Veil’s representatives at 1-888-727-7387. Veil’s normal business hours are 8:30 – 5:30 MST, Monday through Friday. Our team can also work with you to arrange one-on-one appointments.

16. Does Veil keep copies of my company or asset protection documents?

Yes. As part of Veil’s commitment to you, we retain secured copies of all documents created for you by us.

17. Will Veil assist me with the annual state business renewal?

Keeping your business current with the state of origin is a critical service provided by Veil. Veil will notify you via email, text and phone message when it is time to renew. We do this yearly, without fail.

18. Does Veil apply for my Federal EIN?

Yes. We do this as a part of your business setup. As you know, IRS websites can be complicated, let us do the navigation for you. We will apply for, obtain, and register your business for you, and as mentioned above, will then contact you regarding renewal.

19. Do I need an Operating Agreement for my business?

While not all states require an operating agreement, having an operating agreement or a partnership agreement spells out owner’s responsibilities, and protects you in the event of disagreement, non-performance, death, or dissolution of the business. In the states that do, we can assist you. We can also help if you are forming a partnership or applying for a loan for your business, that may require you to produce an Operating Agreement.