freeflir29 0 #1 December 29, 2002 I'm looking at incorporating a business. Don't know much except for what I have read on some internet sites. It seems Delaware is the place to do it. No Corporate taxes if you don't operate in the state. I can pay myself next to nothing so I won't pay jack in federal taxes. Who has done this and has some good advice for me. What can I get away with on the tax issue? Is it really as easy as paying one of these sites to do the paperwork or should I get a lawyer to do it? Quote Share this post Link to post Share on other sites
freeflyguy 0 #2 December 29, 2002 Now your talking. "If you incorporate, you will be double taxed." He he. That is what everyone told me. Wrong, I have been self employed forever, incorporated to a C corp a couple a years ago. It Rocks. Yes, you are talking to a big time President of a corporation of one employee. It is fun too. If that makes any sense If you need any advice, PM or email. ---------------------------- bzzzz Quote Share this post Link to post Share on other sites
BadDog 0 #3 December 29, 2002 Get a lawyer and an accountant to advise you. A few dollars spent on good advice up front will probably save you many times that down the road. I've seen it too many times. BadDog (aka Corporate Lawyer Dave) Quote Share this post Link to post Share on other sites
freeflir29 0 #4 December 29, 2002 Quote"If you incorporate, you will be double taxed." Thats the exact opposite of what I have seen so far. Delaware says you pay 0 state tax if don't operate in the state. Now....do you pay any federal tax on corporate profits. Or do you have to do "creative accounting" so profits don't show? How much federal do you pay? Quote Share this post Link to post Share on other sites
freeflyguy 0 #5 December 29, 2002 That is the deal, you only get nailed with double tax, if you have dividends. Since you would be small, privately held, you are not going to a bunch of crying stockholders saying you have to pay them dividends. So, the accounting isn't really that creative. With a "C" it is an entity of itself. It needs a place to reside, and someone to do things for it. So it pays to have those things done. It is different than modern man in that it; makes money, spends money, then is taxed on what is left. Normal joe makes money, gets taxed and spends what is left. There is a bunch of stuff A very good book is "Inc. and Grow Rich" Sage international in Nevada incorporated me. Mine is a Washington corp, I didn't see the need to go Nevada or Deleware, yet. an "S" Corp is different yet, and better for some people, things, but it has kind of been gutted of it's good tax stuff. There is a lot too it, but it is a cool study. If you are interesed get that book. Off to home ---------------------------- bzzzz Quote Share this post Link to post Share on other sites
freeflir29 0 #6 December 29, 2002 Quote If you are interesed get that book I'll pick it up as soon as I can find it!!! Hopefully B&N or some other local place has it. If not.....the mighty Amazon has everything!!! I even got a George Foreman grill from them for my sister!! Quote Share this post Link to post Share on other sites
