The legal steps that you need to take will depend on which form you choose, LLC, C-Corp, or S-Corp. That choice will depend on a more detailed look at the specifics of your company and situation. For that reason, I would suggest that you speak to a business attorney to find out your best options.
Once you pick a form, you will have to register your company. This can be done under the laws of any state that you choose — it doesn’t necessarily have to be Pennsylvania. The laws of each state vary in minor ways, so it will be advantageous to pick the state that is best for your company.
As far as personal liability, the corporate form will protect you. A C-Corp or S-Corp will provide virtual immunity to the owners’ personal assets while a LLC (limited liability company) as the name suggests will subject the owners only to very limited liability.
Again, you should speak with an attorney about the specifics of your situation before making these decisions. At LawTrades, our business attorneys have experience creating and forming all types of companies and have helped others protect themselves in these situations. Visit ourto see how we can help you!