Most of the stuff you can end up doing yourself, you really don't need a lawyer to handle it. Just make sure you are doing research in the subject.
Know the difference between an LLC and a Class C corp definitely, and also check our Class S corps for some tax advantages.
Total cost for that...at least in TX...$300, and if you do it online...you can typically get everything back within 30 minutes. They send you a pdf that will act as your certificate of incorporation.
Getting a tax id is even quicker, and free.
Most of the states are cheaper then TX for corporation registration.
Here is an interesting free chapter of the book Talent Is Not Enough: Business Secrets For Designers
on cash flow. You do not have to re-invent the wheel.
Congrats Jonathan! Hope all bodes well for you and your company :)
Congrats Jonathan and good luck!
PS: I'd also like to thank you for all the times I've really enjoyed your tips and never replied--shame on me.
n don't ignore update this site:)
I've been wanting to incorporate for a while now. I just haven't taken those steps yet. I don't know if it's just the fear of success or what.
Matt Turner: "big fat head." You sound like my wife. She often wonders how I make it through the door.
Eugene Cook: I could have avoided the cost of a lawyer and done it online myself for about $250 but I didn't want to take any chances. I figured the expense will be worth it in the end.
These are your first steps into becoming a big, bad corporation!
Just kidding, congratulations Jonathan!
Congratulations Jonathan - enjoy the mini power trip that comes with it ;)
Now that you're a technology company and don't have to worry about troulesome things like income, I can see a big bonus to the CEO this year.
Toutes mes f??licitations Jonhy Boy! May your new company road be paved of gold.
For my part, It only reminds me to stop procrastinating on it ;)
Congrats! Perhaps you could go into some of the details or pros and cons for those of us who are contemplating similar decisions.
Are there any benefits of doing this?
Good going on it though ;]
Congrats Jonathan! It's good to be in a business. Good luck with it!
Congratulations with your brand new Inc ;)
In response to #31, Miles Johnson:
A corporation is it's own legal entity -- You can't recover debts held by the company by going to the owners of the company. They're completely seperate, with different bank accounts. In a proprietorship or partnership, if the company buys $10,000 of inventory and can't pay the bill, the bank can take the money from Jonathan personally. In a corporation, the bank can seize the company's assets, but Jonathan can't be held responsible himself (even though he owns the company 100% and he purchased the items for the company) so his belongings (house/car/pets/etc) are safe.
There's other reasons for doing so, but that's the major reason most individuals go with a corporation.
I don't know Ontario law but I incorporated for easily under $400! I suppose the lawyer fees were a good portion of the $1000?
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