Greenguy's Board - Are you Incorporated?

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Are you Incorporated?

U.S. Webmasters...

Are you running your site(s) as a Sole Proprietor, LLC, or S-Corp?

I'm leaning towards an S-Corp registered in another State.

I had an LLC that I didn't do much with and ended up dissolving in New York state.

Not asking for advise as much as just wanted to know how people structured their businesses.

S-Corp for me.

It's sweet too because it's just my wife & I on the business & since we have no actual "employees" (just Independent Contractors) when we put money away for Profit Sharing, we get all of it (the law states that you have to give an equal amount to each employee)

Of course, this was all based on my accountant's advice :)

i hear being inc is the way to go for a number of reason

I'm a S Corp. I actually have a few different businesses that all are run through the same corp so when they want to know what category to put my under it gets confusing.

Yeah- I think an Inc is better understood buy everyone.

Most of the online sites push LLC's because they are more expensive.

Surprised there were not more responses to this thread.

Well Alpha here's another response:

1st Year: Sol & got my ass kicked

Now Corp. & I couldnt be happier :)

Unlike GG though I do have the employee's and employee taxes fucking blow!!! |angry|

I'm about to Inc. Is it more beneficial to have an S. Corp if it's just a partner and yourself? Also, if you run an affiliate program, is it beneficial to be an LLC since you will be paying people out (ccbill will be paying for instance)?

What do you guys think?

I hope I'm not intruding on the thread, but I have some additional questions for you guys on this topic:

What path did you follow for getting incorporated? Did you do it yourself, get a local lawyer, or do it online? I've heard of a couple people doing it online and just want to hear other opinions.

Are you incorporated in your state? A couple of my buddies are incorporated in Delaware and Las Vegas due to their more pleasant business laws.

Thanks for your time fellas and fellettes.

I did mine back in the stone age before there was an internet. I think my original corp docs on on a stone tablet. LOL

In answer to your question a lawyer did mine for me.

Quote:

Originally posted by Jason
I hope I'm not intruding on the thread, but I have some additional questions for you guys on this topic:

What path did you follow for getting incorporated? Did you do it yourself, get a local lawyer, or do it online? I've heard of a couple people doing it online and just want to hear other opinions.

Are you incorporated in your state? A couple of my buddies are incorporated in Delaware and Las Vegas due to their more pleasant business laws.

Thanks for your time fellas and fellettes.

I did my LLC online a couple years ago. It's not so involved to start a company...but there is a fair responsibility in maintaining one...properly.

Check out:

http://search.yahoo.com/search?p=onl...t&cop=mss&tab=

While one can do it pretty cheap themselves, I must admit I like the kits one can order with the companies that do it online.

Go to most of the advertisers and top ranked sites. They have good information on things.
Here's some info from the Legal Zoom site:

Quote:

Where should I form the corporation?

You can incorporate in any of the 50 states. Delaware is a popular choice because of its history, experience, recognition and pro-business climate. In fact, over half of the companies listed on the New York Stock Exchange are incorporated in Delaware. Recently, Nevada has also gained popularity due to its pro-business environment and lack of a formal information-sharing agreement with the IRS. Neither Delaware nor Nevada have corporate income taxes, and business filings in these states can usually be performed more quickly than in other states.

Many people also choose to incorporate in their home state. Doing so may save you money because corporations are required to register as a "foreign corporation" in each state where they do business, and there is often no need to pay another person to serve as the registered agent. For example, a Delaware corporation that has its main business office in Texas must register as a "foreign corporation" with the Texas Secretary of State.

However, if your home state has a high corporate income tax or high state fee, and your corporation will not "do business" in the home state, it may be wise to incorporate elsewhere. "Doing business" means more than just selling products or making passive investments in that state. It usually requires occupying an office or otherwise having an active business presence.

Registered Agent

Each corporation must have a registered agent, the person designated to receive official state correspondence and notice if the corporation is "served" with a lawsuit. The registered agent must be either (1) an adult living in the state of formation with a street address (P.O. boxes are not acceptable) or (2) a corporation with a business office in the state of formation which provides registered agent services.

As previously mentioned, one of the advantages of forming a corporation in your home state is that any officer or director can act as the registered agent. However, there are some advantages to having another person or company act as your registered agent. First, this adds an extra layer of privacy, since the name and address of the registered agent is publicly available. Second, this ensures that if your corporation is named in a lawsuit, no one will surprise you at home on a Sunday night with court papers.

I have a Corp which is an umbrella for SOL, LLC, S-Corp. Most of my adult biz is done in LLC.

surfn,

>>Most of my adult biz is done in LLC.

Any particular reason?

i have an INC and an S-Corp, both registered in the state of nevada, from when i lived there. They are Generic names so they are easily used by different entities that send me checks. I don't know what the rules and regs are these days. I know that lots of Mail Boxes Etc., made their bread and butter money posting business licensis as you have to put a legitimate address. There are major tax breaks there, especially if you have employees as there is no state income tax. I think there was some change that said the biz documents can't be posted anymore at the mail stores, unless all the documents are kept there.

In my opinion, the only time you should not use an attorney to Inc etc.. is when you are doing a DBA and plan to make less than 50K a year.

Otherwise there are, in my opinion, too many loopholes.

I also have an LLC that was registered in Delaware in 1981. Even though i haven't used it for anything in 10 yrs, i still keep it just in-case i ever decide to go back in to business. "The Happy Booker" Lives On!!

Quote:

Originally posted by Alphawolf
surfn,

>>Most of my adult biz is done in LLC.

Any particular reason?

Advice from my Tax Attorney/CPA. To protect my non-adult businesses.

As far as I can see, S Corp is the only way to go. That's what I am.

Linda

Jason - get an accountant & a lawyer to do it for you - it's much easier & I think it cost me about $500 total :)

Quote:

Originally posted by Greenguy
Jason - get an accountant & a lawyer to do it for you - it's much easier & I think it cost me about $500 total :)

Yeah it was $500, and you pay a renewal every year but hell thats nothing and it's way more worth it than keeping track of that shit yourself. When it came to my Tanning Salon Business I figured it was so cheap to Inc. and own the business name that I bought a few Inc. names to protect any future growth I might have in a specific area.

Quote:

Originally posted by Greenguy
S-Corp for me.

It's sweet too because it's just my wife & I on the business & since we have no actual "employees" (just Independent Contractors) when we put money away for Profit Sharing, we get all of it (the law states that you have to give an equal amount to each employee)

Of course, this was all based on my accountant's advice :)

I do the same thing. And since I am the only stock investor, I also am allowed to take Equitity draws against the company all year long. No employee taxes to boot!

My accountant told me to call them "distributions" so when there's some extra cashion the account, as long as we each take the same amount, we're all set :)

so what are the ups & downs for each? (llc & s-corp)? i'm not sure which i should be. thanks. J