Monday, November 05, 2007

Incorperation

Incorporation is a pain in the butt. At leasts setting it up is. You also have to deal with cooperate taxes at the and of the year as well. We had one but we decided we were actually better off without it. It has its advantages if your going to do any sort of retail sales. You can't buy things wholesale without a tax ID number and you can't get a tax ID number unless your incorporated. But if you go to a bank and you want to get a checking account in your business name (which your going to need to cash any checks made out to your business) you can't get a checking account like DBA your company name. Once your incorporated you need a business checking account and there are all sorts of fees that go along with that too.

A lawyer did our incorporation for us. He was a friend of ours and did it as a favor to us. Theres no way I was going to try something that complicated by myself. But if you want to try it yourself and you think you know how to do it then you can get all of the free corporate forms from Inc Paradise.com. They can also prepare the whole set of documents for you for a small very reasonable fee.

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