> Tedd wrote: > > I recommend seeking the advise of an attorney and having him/her draw > up the articles of incorporation. You can discuss with the attorney > what the advantages and disadvantages are of the different types of > incorporation (e.g., S, C, LLC). Each has it's own tax structure. >
Absotively. A business partnership is like a marriage and there is a LOT of detail to these agreements, and consequences that are way more complicated than if you just go it alone as a sole proprietor. > Additionally, if you pierce the corporate vail by not passing income > through the corporation but taking payment directly, then you forfeit > the corporate protection. Likewise, not having an annual minutes > meeting can dissolve the corporation leaving you unprotected. There > are at least a dozen rules like this that you must follow. So, hire > an attorney, have him/her prepare the papers, and ask what your > responsibilities are. There's no reason to start up a corporation if > you don't know how to use it or what your responsibilities are. What Tedd is saying above is true -- that having an entity like this is a PITFA because once you form it, that's JUST the beginning of the fun. A cursory look at the "Corporate Tax Forms for NYS" will disabuse you of any idea that this is not a whole new eggplant. Kristina _______________________________________________ New York PHP Users Group Community Talk Mailing List http://lists.nyphp.org/mailman/listinfo/talk http://www.nyphp.org/Show-Participation
