Section 248 of the Internal Revenue Code provides guidance and law on expenditures with organizing a new company. These costs include legal fees, accounting fees, costs of the initial corporate creation with the respective state and those costs related to the initial director’s meeting.
Prior to initiating operations, every business spends money to develop the idea and create the legal entity. These types of costs are referred to as ‘Organizational Expenses’. There are several different types of organizational expenditures. […]