I am a first year sole prop. and my accountant has recommended i look into becoming an S-corp. I have found numerous websites that i can file the paperwork through. Has anyone had good luck with a particular site?
Thanks
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That's been discussed here a few times. I had an attorney write my articles of incorporation (mostly a cut and paste deal) and file the papers. It cost well under $1000 for the whole thing and included a good briefing on how to handle the various aspects of a corp. correctly. There is more to getting incorporated than just filing some papers.
I agree with davidmeiland - there is more than just adding Inc behind your business name. Since most of my own questions would relate to accounting changes (and there are many), I opted to have my accountant file my paperwork. His services cost $800 and his advice - face-to-face, on the phone, and via email - has been invaluable. I had enough to do just filing my new entity name with the state contractors license board (even though I only added the Inc to my name), and changing my business status with workers compensation insurance.
After all the time and money I've spent, I'm trusting it'll all be worth it.
Gary W
gwwoodworking.com
coupla years ago I went LLC.
did it over the net ... thru a company AmEx recommended. Check them out first ...
good reviews.
paid about $350, I think?
looking back ... I'da gladly paid 3 times that to have one freaking question answered!
for a while ... I was actually wondering if I was really filed.
in the end ... my accountant ... who recommeded I do it via the net ... had to help straighten some stuff out ... not all the necessary paperwork had been filled out and filed.
find a local lawyer.
Jeff
Buck Construction
Artistry In Carpentry
Pittsburgh Pa
My story's about the same. Filed as an LLC online, wasn't sure what to do, ignored a piece of mail, payed more money to reinstate, wasn't sure what to do, LLC is now defunct.
I have paperwork on my desk now from a local lawyer who can answer questions. Costs about the same to set up and you have a real person you can talk to.
thanks for the advice. My accountant recommended i do it online but sounds like a few hundred dollars to an attorney instead would be well worth it.
I'm not even sure what paperwork I was missing.
filled out the whole app on line and all was supposed to be well ... but the next tax season the accountant said some state level paper or number wasn't provided. Cost me nothing and he filled it out and I filed no problems ... but I didn't like the chance I coulda really screwed myself.
At the time ... I was also talking and getting advice from another local contractor ... found out later ... he also filed online ... and that's what he did for all three business' he ran ... found out later ... he missed this or that and after I told him my story ... he had his accountant check things out ... and he screwed up all three too!
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
I have looked through those sites for years, but there always seemed to be an unanswered question or two.
This morning I visited an attorney, and 15 minutes later, I am (in process)incorporated - S-Corp.
He charged $400
The state charged another $170
Done.
i gotta ask why you want to inc.
i did inc a bussiness once and to say the least it was a learning experence. i could throw out some things,but first i will say this:
becoming inc. is the easy part
lots of paper work ,the way most small corps are run there is no liability protection that a 1st year law student couldn't blow apart in 30 mins of discovery.
as you can tell i'm not a big fan of inc.but that said you need to be a s corp or a llc if your going to do it. larry oh and wait till you want to kill the corp someday,cost 3 time as much as starting
hand me the chainsaw, i need to trim the casing just a hair.
Edited 3/3/2007 10:38 pm by alwaysoverbudget
Edited 3/3/2007 10:46 pm by alwaysoverbudget
I agree with you Larry, but I also agree with Mike, who recommends having his attorney check things over annually at the very least to maintain that level of protection desired.
So, the initial filing is the beggining of the attorney's fees, but it shouldn't be the last fees paid. I'm no fan of attorneys, but it a lot cheaper to pay him to keep you out of trouble, than to get you out of trouble.
Attorneys are kinda like oil in your car. Dont use any and you'll soon know what repairs really cost!
blue"...
keep looking for customers who want to hire YOU.. all the rest are looking for commodities.. are you a commodity ?... if you get sucked into "free estimates" and "soliciting bids"... then you are a commodity... if your operation is set up to compete as a commodity, then have at it..... but be prepared to keep your margins low and your overhead high...."
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