incorporate?

[Guest man]

Any one have an opinion or experience with this, getting advise both ways,I gross about 90k ayear

thanx dudes! SO Cal area

[Guest Al-tint]

Talk to an accountant and TAX lawyer.

Sometimes you have an advantage and sometimes it is a pain. Every business is different. I have a limited company.

[carwasher]

I just incorporated to save some tax money. Now I am an employee and draw a reasonable salary. Any money left after that I take as a shareholder distribution. I do not pay self employment tax on the distributions so it ends up saving me money. It cost about $1200 to incorporate and is a pretty big pain in the butt because you need to get all new bank accounts.

[Guest Prestige]

incorporate

tax benefits, especially if sole owner (you will own 100% of your own stock)

liabilities purposes, keeps your ass out of the fire if it comes down it

it is a pain in the ass, but well worth it if you work on expensive vehicles and/or do a large amount of work

My main business is incorporated due to liability, and I would get taxed out of my ass if it wasn't (it does just over 2 million a year)

another one of mine is a llc, for different purposes, then I have a couple dba's under them

and it sounds cool when you say you own a corporation, j/k

[tint_detective]

If your grossing that much per year I would definately go with some sort of incorporation to help save your personal assests from from sue happy AHole that might come along.

Cosult a CPA, they will be able to tell you what option is best for your situation.

WE are incorporated under one name and have a DBA (Doing Business As), for the other biz we operate.

[Guest Prestige]

being incorporated keeps your ass out of a sling if someone wants to sue you for everything you have

I actually created a seperate company to "hold" my inventory prior to me selling it, that way if someone does actually try to sue my retail locations, all they would get would be a piece of paper with the company name on it and some displays, since the retail doesn't actually own the inventory

kinda sneaky, but it protects me at all angles, I did this because of the amount of inventory I keep on hand at all times

[Guest grubby]

Incorporate Yes. its well worth the effort and cost involved. I did it back in 99, under my accountants advise and it was well worth it. My company is set up as a Closed Corporation or "C" Corp. and thanks to Mr. Bush we pay very little tax on the Profit that we do make at the end of the year. If you have an accountant already then great, but if you do not, then I strongly suggest retaining one, Developing a good relationship with him, and Take all the advise he has to give and use it wisely.

[Guest zolar]

get some pro advice S type, C type

or like Al said LLC

cover your azz

this is a litigious society

waiting for a "settlement"

[flat rock stan]

being incorporated keeps your ass out of a sling if someone wants to sue you for everything you have

I actually created a seperate company to "hold" my inventory prior to me selling it, that way if someone does actually try to sue my retail locations, all they would get would be a piece of paper with the company name on it and some displays, since the retail doesn't actually own the inventory

kinda sneaky, but it protects me at all angles, I did this because of the amount of inventory I keep on hand at all times

[*]340165

great thinking, I'm going to check that out for my shop! thanks

[pierce8468]

being incorporated keeps your ass out of a sling if someone wants to sue you for everything you have

I actually created a seperate company to "hold" my inventory prior to me selling it, that way if someone does actually try to sue my retail locations, all they would get would be a piece of paper with the company name on it and some displays, since the retail doesn't actually own the inventory

kinda sneaky, but it protects me at all angles, I did this because of the amount of inventory I keep on hand at all times

You can also lease your properties and vehicles, and anything the business has to the business. this way the business owns nothing.