Inc. LLC whitch are you?

[awrobert]

Im just wondering how many people are actually a corporation or some kind and how many just add that in to their name. If you just added the Inc. or LLC in why did you is it better to or what?

 

[Bruce]

You may not know this, but the majority of the people here are <18 (or <13 in some cases), so don't expect too many responses.

 

[awrobert]

i relize that because when i was looking at some of their sites and saw their CEO was 16 i was shocked because i know in Cali to own any kind of company you have to be 18 and for them to be able to afford a corp. is another thing on its own. My LLC cost me $1200 to have my lawyer to the paper work and my partners S-type corp was $1900.

 

[sonichost.net]

$1,200 and $1,800 sounds expensive!

I've heard that the S-Corp offers more protection if you're the sole owner.

You can also handle alot of the paperwork online cheaper:

http://www.mycorporation.com/

In some states the age requirement is 21 instead of 18.

 

[awrobert]

S-type also as big tax differences in such the corp pays taxes on a make between this and that pay this ( if you make $0.00 - $10,000 you pay $100 in taxes). the problem with online is you still have to have a lawyer plus a lawyer has to be at corp. meetings witch are a once a month thing, and all the extra was included with my fee.

 

[sonichost.net]

a lawyer has to be at corp. meetings witch are a once a month thing, and all the extra was included with my fee.

In that case you got a excellent deal.

I have a pal who owns a small grocery store and he formed a LLC online, all of the paperwork was filled out and he didn't have to get a lawyer himself. Everything he needed was included in the fee and they just mailed him the papers to sign.

But if you've gotta have one at the monthly meetings $1,200 is a steal.

 

[Conscript]

I am planning on starting a corporation within the next few months. I figure it will cost me around $300 on http://www.incorporatetime.com/ .

C-Corporations are "double taxed" but from what I have been told you can deduct all your profit as your salary and avoid this.

 

[Conscript]

Originally posted by awrobert
S-type also as big tax differences in such the corp pays taxes on a make between this and that pay this ( if you make $0.00 - $10,000 you pay $100 in taxes).

So if you make $10 you pay $100 in taxes and if you make $10,000 you pay the same $100? The latter figures to be a 1% tax. Personally I have never heard of a flat-fee tax like this in the USA.

Is this for S-Corporations of every state? From what I have read online is that S-Corporations don't pay their own taxes but rather the share holders/employees pay taxes on their share of the money. But they do this in regular income taxes, so I thought they'd pay according to whatever tax bracket they fell into.

 

[Chicken]

Originally posted by awrobert
the problem with online is you still have to have a lawyer plus a lawyer has to be at corp. meetings witch are a once a month thing, and all the extra was included with my fee.

Can you provide a link for this statement? I don't believe any of this is correct.

 

[Chicken]

Originally posted by awrobert
Im just wondering how many people are actually a corporation or some kind and how many just add that in to their name. If you just added the Inc. or LLC in why did you is it better to or what?

In most states it is illegal to "just add it to your name." You can't misrepresent your business as a registered corporation when it isn't one. If you find anyone doing this, report it to the state.

 

[Webdude]

Our company is an LLC in Floriday. I founded the company, but I dont call myself names like CEO, CFO, President, etc. That's just for small people trying to look big. I am just...well...Webdude

 

[lotsofissues]

Re: Re: Inc. LLC whitch are you?

Originally posted by Chicken
In most states it is illegal to "just add it to your name." You can't misrepresent your business as a registered corporation when it isn't one. If you find anyone doing this, report it to the state.

Are you somone who calls in noise complaints?

 

[Chicken]

A person misrepresenting themselves as a registered corporation isn't a minor issue, sorry. If you're making noise, I just might. Deal with it. :crysad: