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Occulis
RealPoor Jedi
Joined: 11 Oct 2002
Posts: 13293
Location: Moral Relativity Central
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 Posted: 11/21/03 - 14:19 Post subject: Sweet! I'm incorporated now!
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Go me!
WHICH OF YOU COCKSUCKERS IS GOING TO BUY MY SERVICES FIRST?
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Guest
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Posted: 11/21/03 - 14:21 Post subject:
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How much did it cost to incorporate?
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Occulis
RealPoor Jedi
Joined: 11 Oct 2002
Posts: 13293
Location: Moral Relativity Central
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Posted: 11/21/03 - 14:24 Post subject:
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In WV it's $96 if you don't expect to make a shitload of money per quarter. I dunno about non-profit or LLC. I just went with normal domestic corporation.
Still need to register with the IRS and all that fun stuff but the shiny corp name is active now. WheeEEeeeeee
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Guest
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Posted: 11/21/03 - 14:27 Post subject:
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Its gonna cost me over $400:(
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sinrakin
RealPoor Master of Posts
Joined: 11 Oct 2002
Posts: 7044
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Posted: 11/21/03 - 14:28 Post subject:
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Now you need a shiny new company car. And a shiny new company computer. Did you go S-corp? I forget if you declare that when you form it or not until you do taxes.
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lotek
RealPoor Sensei
Joined: 12 Oct 2002
Posts: 1598
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Posted: 11/21/03 - 14:35 Post subject:
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what are you all incorporating for?
Ill be doing it this month for the franchise I bought.
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Guest
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Posted: 11/21/03 - 14:40 Post subject:
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What franchise?
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lotek
RealPoor Sensei
Joined: 12 Oct 2002
Posts: 1598
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 11/21/03 - 14:49 Post subject:
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| Dunn wrote: | In WV it's $96 if you don't expect to make a shitload of money per quarter. I dunno about non-profit or LLC. I just went with normal domestic corporation.
Still need to register with the IRS and all that fun stuff but the shiny corp name is active now. WheeEEeeeeee |
Would you like to buy a Mantrapment™ franchise?
Mantrapment™
Catch a cheater before he cheats
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KapnKimchi
Luke Warm
Joined: 15 Oct 2003
Posts: 311
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Posted: 11/21/03 - 15:02 Post subject:
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| Quote: | Go me!
WHICH OF YOU COCKSUCKERS IS GOING TO BUY MY SERVICES FIRST? |
GO THE IRS and the $800 in corporation taxes that they will collect from you every year. C corp or S corp?
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Guest
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Posted: 11/21/03 - 15:03 Post subject:
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Interesting
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 11/21/03 - 15:18 Post subject:
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| KapnKimchi wrote: | | Quote: | Go me!
WHICH OF YOU COCKSUCKERS IS GOING TO BUY MY SERVICES FIRST? |
GO THE IRS and the $800 in corporation taxes that they will collect from you every year. C corp or S corp? |
Corporations are huge tax writeoffs. It's true there are hundred of dollars you need to spend each year in registration costs (which go to the state of incorporation, not the IRS) but you can more than pay for it with writeoffs.
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compusmack
RealPoor Master of Posts
Joined: 15 Oct 2002
Posts: 6354
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Posted: 11/21/03 - 15:21 Post subject:
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| Dunn wrote: | In WV it's $96 if you don't expect to make a shitload of money per quarter. I dunno about non-profit or LLC. I just went with normal domestic corporation.
Still need to register with the IRS and all that fun stuff but the shiny corp name is active now. WheeEEeeeeee |
Not bad, i thought it would be more than that.
What exactly are you selling?
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lotek
RealPoor Sensei
Joined: 12 Oct 2002
Posts: 1598
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Posted: 11/21/03 - 15:25 Post subject:
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nothing like buying a true asset. hopefully in a few months it will be a money making asset.
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KapnKimchi
Luke Warm
Joined: 15 Oct 2003
Posts: 311
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Posted: 11/21/03 - 16:02 Post subject:
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| Quote: | | Corporations are huge tax writeoffs. It's true there are hundred of dollars you need to spend each year in registration costs (which go to the state of incorporation, not the IRS) but you can more than pay for it with writeoffs. |
You don't need to have a corporation to have writeoffs. You can do that with any type of business structure. What's good about corporation is the fact that it screens an individual from personal liability. The $800 is the annual cost to have a corporation. It's not a registration cost which is different in each state. The difference between S & C corps is how you want to be taxed. S corps can be better in terms of not being double taxed if you want to take the profits personally but has more requirements/costs accounting wise.
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 11/21/03 - 16:14 Post subject:
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| KapnKimchi wrote: | | Quote: | | Corporations are huge tax writeoffs. It's true there are hundred of dollars you need to spend each year in registration costs (which go to the state of incorporation, not the IRS) but you can more than pay for it with writeoffs. |
You don't need to have a corporation to have writeoffs. You can do that with any type of business structure. What's good about corporation is the fact that it screens an individual from personal liability. The $800 is the annual cost to have a corporation. It's not a registration cost which is different in each state. The difference between S & C corps is how you want to be taxed. S corps can be better in terms of not being double taxed if you want to take the profits personally but has more requirements/costs accounting wise. |
You have plenty of tax advantages when incorporated. For example, you can't write-off a business trip unless you're incorporated or an LLC. If you make money, the profit (expenditures are a writeoff) is taxed at 15%, rather than at your personal tax rate. This is an advantage for most people. You can take tax free dividends (after the 15% cut) rather than a salary. If you hire anybody, you get a ton more.
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KapnKimchi
Luke Warm
Joined: 15 Oct 2003
Posts: 311
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Posted: 11/21/03 - 17:05 Post subject:
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| Quote: | | You have plenty of tax advantages when incorporated. For example, you can't write-off a business trip unless you're incorporated or an LLC. |
Thank you for illustrating my initial point. You can make a business trip wrtieoff with an LLC. An LLC btw is not a corporation by a Limited Liability COMPANY. The main purpose once again of a corporation is to protect the individual owner from liability. You also can make writeoffs with LLC's Partnerships etc. . Yes there are some more complex writeoffs that can be made but for Elavis's purposes, It's not applicable. for the time being.
Last edited by KapnKimchi on 11/21/03 - 17:10; edited 1 time in total
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 11/21/03 - 17:09 Post subject:
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| KapnKimchi wrote: | | Quote: | | You have plenty of tax advantages when incorporated. For example, you can't write-off a business trip unless you're incorporated or an LLC. |
Thank you for illustrating my initial point. You can make a business trip wrtiteoff with an LLC. An LLC btw is not a corporation bu a Limited Liability COMPANY. |
Wow. You're pretty lame. LLCs are only slightly cheaper than C or S corps, so I don't see your point.
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KapnKimchi
Luke Warm
Joined: 15 Oct 2003
Posts: 311
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Posted: 11/21/03 - 17:16 Post subject:
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| Quote: | | Wow. You're pretty lame. LLCs are only slightly cheaper than C or S corps, so I don't see your point. |
Obviously Vekril, you 've never owned your own business otherwise you would know the HUGE differences in bookkeeping and accounting required for both and the huge differences in the personal liability between an LLC and a corporation. The difference may be nominal for someone unknowledgeable such as yourself but for someone such as Elavis who is opening up his own business with limited resources, it can be huge.
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 11/21/03 - 17:23 Post subject:
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| KapnKimchi wrote: | | Quote: | | Wow. You're pretty lame. LLCs are only slightly cheaper than C or S corps, so I don't see your point. |
Obviously Vekril, you 've never owned your own business otherwise you would know the HUGE differences in bookkeeping and accounting required for both and the huge differences in the personal liability between an LLC and a corporation. The difference may be nominal for someone unknowledgeable such as yourself but for someone such as Elavis who is opening up his own business with limited resources, it can be huge. |
I've had one for over a year, kthx. Also been involved with a startup since prior to incorporation for 3 years. The intricacies are not that significant tax-wise. The fact that you think a C/S corp pays the IRS $800/year in taxes shows your ignorance on the topic. The only incorporation taxes go to the state. Federal taxes are only on corporate profits, with SCorps/LLC adding the complications involved with pass-through income. Virtually all expenses are tax-deductible. You don't pay $800 in federal taxes until you profit about $5300.
That said, I would recommend an LLC for that type of business, unless you're looking for equity investments. Then go C corp.
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Kurel
RealPoor Sensei
Joined: 11 Oct 2002
Posts: 1877
Location: Cali
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Posted: 11/22/03 - 07:15 Post subject:
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I smell another 3 page argument!
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Sasa
Sir Postalot
Joined: 15 Oct 2002
Posts: 1213
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Posted: 11/22/03 - 12:36 Post subject:
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Wait I am confused.... who is vekril posting as now?
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scrotum
Toomuchtimeonhands
Joined: 13 Oct 2002
Posts: 828
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Posted: 11/22/03 - 12:42 Post subject:
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| Sasa wrote: | | Wait I am confused.... who is vekril posting as now? |
NWS....explains it all doesnt it?
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Spitulski
RealPoor Guru
Joined: 23 Nov 2002
Posts: 4344
Location: Washington
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Posted: 11/22/03 - 13:07 Post subject:
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Sources? NWS doesn't seem jewish.
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Clevinger
RealPoor Guru
Joined: 11 Oct 2002
Posts: 3765
Location: Austin
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Posted: 11/22/03 - 13:10 Post subject:
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thats not vekril
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WheresNWS
RealPoor Master of Posts
Joined: 19 Nov 2002
Posts: 6448
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Posted: 11/22/03 - 14:11 Post subject:
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i might be vekril. i might not be vekril. one thing is for sure though...scrotum doesn't like jews.
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ATM Banana
RealPoor Master of Posts
Joined: 02 Jan 2003
Posts: 8575
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Posted: 11/22/03 - 15:23 Post subject:
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| Kurel wrote: | | I smell another 3 page argument! |
i as well, brother kurel.
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