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incorporate or not
I have operated as sole proprietor for years and am considering incorporating. Does this involve a lot of work/requirements/meetings/cost. I have plenty to do the way it is. Any advise would be helpful. Thanks.
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6 Replies
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In my opinion, the first thing you need is your Lawyer. Don’t have one
yet?
Much like Mario Andretti saying “If everything seems under control,
you’re just not going fast enough”.
If you have no need for an attorney (or CPA for that matter) you’re
most likely just a worker that happens to own a job.
By the way, due to debt built up over the first ten years or so
(feeling MUCH better now thank you), we COULD NOT incorporate. So we
went LLC. State laws vary too.
Good luck.
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LLC can be done online in under an hour.
Might take a little longer to do some reading.
For your first one, I would call a lawyer and ask. They will give you a flat fee for completion.
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I agree with Rob, and when talking to your attorney, listen carefully to the pros and cons of LLC vs. corps. There is a distinct difference and one size does not fit all. One way or another, definitely incorporate in order to protect your personal assets and your family. Good luck!
PS Be sure you follow all the rules, particularly those regarding “meetings”!
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Hi Tom,
You definitely want to provide the protection of a corporate form for your family.
These guys have a good reputation if you want to do it yourself.
http://www.legalzoom.com/limited-liability-company/limited-liability-company-overview.html
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Thanks for the responses. I agree with protecting personal side from business problems. In this business every day is like a jump from a tall building without a parachute. Most of the trip isn’t so bad. My issue is how much time is spent with corporate meetings, minutes & what ever else there is. I haven’t participated in anything other than sole proprietor. Time for the next step. Thanks.
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Tom Huxoll wrote:
> Thanks for the responses. I agree with protecting personal side from business problems. In this business every day is like a jump from a tall building without a parachute. Most of the trip isn’t so bad. My issue is how much time is spent with corporate meetings, minutes & what ever else there is. I haven’t participated in anything other than sole proprietor. Time for the next step. Thanks.
Time spent is very minimal…not enough to include as a consideration in my opinion.
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