If you've made the change from a sole proprietorship to a corporation, please share your advice and words of wisdom. Thanks!
Posted by Bob Sauls (Member # 11321) on :
get a good accountant who will advise you. I like having my taxes withheld as an employee of the corporationevery pay day rather than ponying up the quarterlies every three months.
Posted by Checkers (Member # 63) on :
Hiya Peter, I started as a "S" corp, so, I know nothing on how to switch. I chose this option to limit my liability and because an attorney owed me a favor. So, it only cost me the filing fees. However, it may not be for everyone. There is a lot more paperwork associated with a corporation - bylaws, meetings and minutes, officers and more. I would talk to both your CPA and attorney before making the switch. And, your CPA might be able to file the paperwork for you and save you a few bills in attorney fees.
Havin' fun,
Checkers
Posted by Ben Diaz (Member # 7319) on :
This is Jane on Ben's computer. We are in the process of doing an LLC. Call your accountant or lawyer and let them advise you. I did a BUNCH of reading abut it and finally gave up and went to the lawyer. He did 15 minutes of explaining and he filed that papers. LOTS easier!!!
Posted by Glenn Taylor (Member # 162) on :
I agree with Brian & Jane. Get an attorney and have him to explain the pro's and con's of each option so you can make an informed decision about what works best for you.
Posted by bruce ward (Member # 1289) on :
get yourself a cpa and a good attorney and dont worry about it. i dont know how to do these things and could care less about learning. CPA will know whats best for you
Posted by Curt Stenz (Member # 82) on :
We did an LLC a few years ago mainly for asset protection. In our state you can apply and file yourself which if I remember was thru the Secretary of State. Every year the state sends me a reminder to renew which costs $25.
Talked to a lawyer and they wanted $700 plus fees for something he has a secretary do.
Process was quick and online, they accept credit cards too. Not everyone will want to do this themselves but you can if you want. It cost me $125. Do a little research, the time is well spent as you learn an awful lot.
A top notch accountant is a must. These guy's are the ones who save you money.
Please don't get me wrong, I am not against lawyers, when you need one they are worth their fees and I have used them. I just like to do as much as I can by myself, I change my own oil too, it's therapy, like hand lettering.
