A lot of people get all caught up in the excitement (and paperwork) when they are incorporating their business.  There is a bit of a learning curve when it is the first time, and the entrepreneur may miss some key points.

Quite a few people get hung up on definitions, such as what is the difference between setting up an S corporation or LLC.  Depending on your lawyer, you may get a nice, easy to understand English definition, but quite often you get a somewhat cryptic answer.  But, the lawyer will be able to guide you through the steps needed for your new corporation to take shape.

Let me tell you though, that even with your professional advisor, quite often something is forgotten.  One of the most important, yet forgotten tasks of setting up your new company is coming up with a succession plan.  This plan lays out what is required when either you move on or pass away.  It sets out a roadmap for the company to follow when you are no longer at the helm – which is important to continue operations and helps alleviate confusion.

Just like a will, a Succession plan is often overlooked, but an essential step in your incorporating process.