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Old 26th May 2009, 10:15 PM   #1
FireFish
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Wink Is It Worth Starting My Own Corporation?

I want to make my own company name & incorporate it. Please advise me what I should do.?
I have a full time job, but I know that I will run my own company one day (hopefully soon) and will actively do more work on the side as the economy gets better.

In the meanwhile, I'm getting the impression that it's to my advantage to legally open a company (meaning incorporate the name and maybe get a business bank account / credit card).

What's the best legal way to do this? Should I even bother with this? If yes, what's the best & easiest way (online) to legalize my company name? Should I do 'Me & Associates, Inc.','Inc.', 'LLC', 'Corp', etc.? Which is the best knowing that I may have zero income to report for the next 1-2 years as I have a full-time job?

I just feel like if I had a corporation in my name, it could only be good for me. I know that there's some extra tax work, but I guess I'll worry about that with my new TurboTax that I buy in 2010.

Any advice is appreciated. Also, any websites that do all the legal work FOR YOU so I can use my company name, Inc., or whichever is best to file as.

Thanks.


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Old 28th May 2009, 03:45 PM   #2
torka
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The type of business you form can have a significant impact on your business and personal taxes, as well as on the paperwork you have to file and fees you might have to pay to the government. There is no always-correct "one size fits all" answer as to what form of business organization is "best." The rules and consequences can vary from one jurisdiction to another, and what would be best for you, personally, may not be what was best for someone else.

This is potentially one of the most important decisions you can make when it comes to starting a new business. I strongly suggest you talk with an attorney or tax accountant experienced with new business startups and get their advice about what would work best for you in your personal situation.

A lot of people, for whatever reason, seem to be reluctant to invest the time and money to consult with an expert before jumping in with both feet. And many of them have come to later regret that reluctance.

Go. Now. Find a small business startup experienced attorney or tax accountant and ask them these questions. I promise, it will be worth your while to do this correctly from the get-go.

--Torka

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Old 28th May 2009, 08:08 PM   #3
barbdear
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Incorporating (or forming any legal business entity) should be one of the last steps of your business plan. It will cost you money to incorporate, either through an attorney or an online legal service. A bank account will cost money. Filing an extra tax return will cost money. None of this makes any sense until you are ready to start working your business.

I would highly recommend that you spend this time researching your market, networking with potential customers, refining your product or service and writing a really tight business plan. You can incorporate literally overnight when it's time. Best of luck!

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