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Thread: Incorporated?

  1. 09-23-2007 10:44 PM #1
    Scottt
    Scottt is offline Board Regular Scottt is an unknown poster at this point. Don't let him/her around power tools just yet.
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    Default Incorporated?

    What type of corporation did you setup for your business and why?

    I would think a type S is the way go.
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  2. 09-24-2007 04:12 AM #2
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    GMAN
    GMAN is offline Administrator Board Icon GMAN is a distinguished poster and probably helps little old ladies across the street. GMAN is a distinguished poster and probably helps little old ladies across the street. GMAN is a distinguished poster and probably helps little old ladies across the street. GMAN is a distinguished poster and probably helps little old ladies across the street.
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    I think that the "S" election is probably the best way for the small corporation to go.
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  3. 09-24-2007 05:43 AM #3
    LexAtlanta
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    Default

    Go with a subchapter S corp or an LLC. Either way is good. Google S corp and LLC and you will be able to read about the differences in both. An attorney can set up either. An LLC is easier to set up - in my opinion. I did it on my own for ~$100 here in Georgia. Its just a bunch of forms that are probably available on line from your secretary of state's web site.

    Good luck!
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  4. 09-25-2007 04:30 AM #4
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    GMAN
    GMAN is offline Administrator Board Icon GMAN is a distinguished poster and probably helps little old ladies across the street. GMAN is a distinguished poster and probably helps little old ladies across the street. GMAN is a distinguished poster and probably helps little old ladies across the street. GMAN is a distinguished poster and probably helps little old ladies across the street.
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    You don't need to get an attorney to incorporate for you unless you have a very complicated situation. Most states have forms you fill out and pay the filing fee. It is very simple. The sub chapter "S" election is filed with the IRS, not your state. It is a form you fill out. We pay lawyers a lot of money for some things we can easily do for ourselves. The "S" election affects the way you pay taxes. It prevents you from being taxes twice as in a regular corporation.
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