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July 15th, 2007, 05:15 PM #1
Advantages of incorporating.
- Join Date
- September 5th, 2005
- Mansfield, TX
I need some incorporating advice and I thought this would be the best place. First of all is there a real advantage to incorporating? What is the least costly structure? Are the web based incorporating sites a good place to start? Any advice from the veterans is greatly appreciated. Thanks
July 15th, 2007, 05:35 PM #2
Yes you will be protecting your personal assets apart from the companies liabilities.
Also you may have tax advantages as a Sub S entity.
One online company that is run by an attorney and an Inc-500 company is www.Incorporatetime.com.
They can get done right.
July 15th, 2007, 06:36 PM #3
Incorporating might help protect your personal assets, but it's not a given. Since you're probably an officer of the corporation, you'll probably still have some liability.
July 15th, 2007, 08:01 PM #4
That's only in rare circumstances, basically you're speaking "piercing the corporate veil".
Very hard to do, easy with the boys from Enron
You're assets are safe, a hell of a lot safer than a sole proprietorship.
July 15th, 2007, 08:08 PM #5
- Join Date
- June 7th, 2006
I totally agree. Incorporating is the way to go if you plan on making any decent money at all. There are many advantages from protecting your assets to guarding your own personal credit.
I would say, though, if you aren't planning on making over $25,000 US per year or more then you might consider not incorporating.
July 15th, 2007, 08:13 PM #6
Everyones personal situation is so different you need advice from a cpa in your area. I could say not to do a sole properitor under any circumstance but I am not a laywer and am not even qualified to play one on tv.
July 15th, 2007, 08:50 PM #7
You can get some good insights in this forum on the issue of incorporation, but bottom line it is always a wise idea to consult a CPA and / or attorney when considering the issue.
July 15th, 2007, 10:12 PM #8Originally Posted by nyfalcon
I also had at that time, and still maintain, a business insurance policy that includes liability insurance (which will also covers defense costs). That costs me approximately $500 per year - but the peace of mind is well worth it.
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