I need Help. Incorporating a new buisness...

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RightHandMan

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Jul 5, 2006
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Well, The time has come for me to start protecting my assets. Im interested in setting up corporate identities for one of my bigger sites so that it/I am protected.

Has anyone here gone through the process and done it on your own. I know that the best two states to incorporate in are Deleware and Nevada. But I cannot find ANY sites that explain the process from beginning to end. I am pretty certain that I want to setup an S-Corp, but cannot find a site that explains it, because they all want to charge you and file for you. Heh. Pisses me off....

Well, If anyone has any helpful links, articles, personal experience please go ahead and share it.

~James
 


Why not incorporate in your own state? That way you don't have to mess with setting up a mailing address in another state or more importantly paying someone in another state to represent you.

What advantages to YOUR business are there in setting up in another state.

Typically the state's websites have detailed information on forming your business in their state. I created an LLC in Kansas (my state) and it was extremely straight forward and simple. S-corp is no doubt more complicated and you may need a few hours of lawyer time to draft all the documents.

Edit to add link to the Kansas site that details advantages/disadvantages of each entity and what it takes to set them up. I'm sure other states have similar information.

https://www.accesskansas.org/businesscenter/index.html?link=start
 
Thank You palmer. I live in ohio. My first thought was to set up here, but then upon more research it looked as though it would be better to setup buisness in a corp friendly state. But I guess it doesnt really matter. Ill look on my states website again, but unfortunately all ive foud on it so far is links to the SBA and SCORE.com and all the Score advisors tell me to write up a BP First and wont go anyfarther than that. My BP is already written, and im conducting buisness, but filing taxes every year as "other income" under my own Filing. It looks retarded when your "other income" is higher than your actual W2 income. LOL...
 
RightHandMan said:
Thank You palmer. I live in ohio. My first thought was to set up here, but then upon more research it looked as though it would be better to setup buisness in a corp friendly state. But I guess it doesnt really matter. Ill look on my states website again, but unfortunately all ive foud on it so far is links to the SBA and SCORE.com and all the Score advisors tell me to write up a BP First and wont go anyfarther than that. My BP is already written, and im conducting buisness, but filing taxes every year as "other income" under my own Filing. It looks retarded when your "other income" is higher than your actual W2 income. LOL...
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You probably already saw this but Ohio has a very similar website:

http://www.odod.state.oh.us/onestop/index.cfm

Walks you through the process giving all the forms they'll need and fees.
 
Incorporate in your own state. The Delaware and Nevada corporate advantages only make sense if you're a BIG CORPORATION with many many shareholders. But if you're a one man show or a family concern, incorporate under your own state's laws.
 
$5 Submissions said:
Incorporate in your own state. The Delaware and Nevada corporate advantages only make sense if you're a BIG CORPORATION with many many shareholders. But if you're a one man show or a family concern, incorporate under your own state's laws.
Click to expand...

That is what im going to do, now i just need to figure out how... the link palmerville posted looks to be fairly helpful...
 
Righthand:

Here's the Ohio link, you'll register your corp with the Secretary of State, and it's fairly straight forward:

http://www.sos.state.oh.us/sos/businessservices/corp.aspx

Here's a form:

http://www.sos.state.oh.us/SOS/Forms/BusinessServices/532.xls

Here you can search for name availability, download forms etc.

There are several types of corporations, but you'll most likely want to be an S-Corp (like a proprietor, all income passes through to you, but you're a Corporation), or a C-Corp (both the corporations income, and your own is taxable). You can avoid double taxation, as a C-Corp, by paying all profits to yourself by the end of the year, showing the Corp. as "breaking even". YOu can start out as an S-Corp, and convert later to a C-Corp if you want (IRS filings), but speak with an accountant before you decide, it depends on different things.

Other types of Corps include an LLC (Limited Liability Company), and different types of Partnerships, but I'd suggest you start with an S or C corp, unless otherwise is suggested by an accountant.

You'll most likely hold the title of secretary, treasurer and company president, unless you have partners, or others that will be involved in your business. You'll need a "registered agent", which is nothing more than someone who'll accept service of process (in case of lawsuits) for you. You can be your own registered agent as well, but you'll have to list your address.

I've used http://www.bizfilings.com/ in the past, and they are inexpensive, but helpful and easy to use. They will also set you up with a registered agent for something like $100/year.

Good luck!

(ps) Looks cheap to incorporate in OH.

:)
 
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