Incorporation questions

[Farrell]

Don't forget the liability protection that the S Corp offers.

Terry Farrell
Farrell Piano, Inc.
  ----- Original Message ----- 
  From: Willem Blees 
  To: pianotech at ptg.org 
  Sent: Wednesday, March 19, 2008 5:41 AM
  Subject: Re: Incorporation questions


  About fifteen years ago I took my accountant and my lawyer out to lunch, and asked each one of them to explain why I should or should not become an S corp. The bottom line was that although I will save some money on my taxes, most of the savings, and then some, will be spent on legal fees and additional accounting fees. Unless you are making well above $100,000 a year (after expenses), it's really not worth becoming a S-corp. My son, who is a CPA, and would do all my taxes for me now for free, doesn't see the benefits of me becoming a S-Corp, either.

  Just my 2 - cents worth.  

  Willem (Wim) Blees, RPT
  Piano Tuner/Technician
  Honolulu, HI
  Author of 
  The Business of Piano Tuning
  available from Potter Press
  www.pianotuning.com


  -----Original Message-----
  From: Geoff Sykes <thetuner at ivories52.com>
  To: Pianotech at Ptg. Org <pianotech at ptg.org>
  Sent: Tue, 18 Mar 2008 7:47 pm
  Subject: Incorporation questions


  Greetings all --

  I have gone through the archives and found the subject of Corporations and S Corporations has come up a couple of times. But those discussions were brief and didn't really delve into the process. For a number of reasons my tax guy has strongly advised me to go the S Corporation route.

  Today's questions are directed to those among you who have actually gone through the process of starting a corporation and then converting it to an S corporation.

  : What, exactly, is the process?
  : Did you do it yourself, or did you hire an attorney? 
  : Changing from Sole Proprietor to Corporation, how do you cover the question of stocks and board meetings?
  : What about creating a business "name" that ends in Inc., Corp., or Ltd.? To whom do your tuning clients write their checks to?

  I've found all the forms. And even though there are only about three really basic items being asked for on them, I find myself overwhelmed with questions and procedures regarding the process of actually acquiring and/or creating those items.

  So I guess my only real question is: How did you do it?

  -- Geoff Sykes, RPT
  -- Los Angeles

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