Incorporation questions

[Geoff Sykes]

Terry --
 
Liability protection is definitely a good thing to have in the horribly
litigious society we have turned into, but my primary reason for going
S-Corp is reducing taxes. And from what I have learned so far the cost of
going S-Corp is well worth it when compared to amount of income I will
subsequently get to keep in my own pocket.
 
-- Geoff Sykes, RPT
-- Los Angeles
 
 
 
-----Original Message-----
From: pianotech-bounces at ptg.org [mailto:pianotech-bounces at ptg.org] On Behalf
Of Farrell
Sent: Wednesday, March 19, 2008 3:28 AM
To: Pianotech List
Subject: Re: Incorporation questions



Don't forget the liability protection that the S Corp offers.
 
Terry Farrell
Farrell Piano, Inc.

----- Original Message ----- 
From: Willem Blees <mailto:wimblees at aol.com>  
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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