Incorporation questions

[Geoff Sykes]

William --
 
I am doing this for the same reason. Less taxes and more income through
dividends. My accountant has offered to take me through the second step,
converting the corporation to an S-Corp, but I think he is resisting getting
involved before that. Perhaps I should just ask him outright if he would be
able to accomplish what your accountant did for you. That would be ideal.
 
The concept of issuing, but not selling, stock for a company that has but a
single board member, the owner, seems way too complicated to me. But then
taxes and the government were never meant to be easy. 
 
Thanks for the tip on your banking. I was concerned that I would actually
have to have my customers write out checks payable to Blah-Blah-Blah, Inc.
Knowing that they can still write them out to me as long as I deposit it in
the business account is nice to know.
 
-- Geoff Sykes, RPT
-- Los Angeles
 
 
 
 
 -----Original Message-----
From: pianotech-bounces at ptg.org [mailto:pianotech-bounces at ptg.org] On Behalf
Of William R. Monroe
Sent: Wednesday, March 19, 2008 6:08 AM
To: Pianotech List
Subject: Re: Incorporation questions



Geoff,
 
I, in large part disagree with some of the other responses.  I know for me
being an S-Corp has been significantly beneficial on a number of fronts no
the least of which is that I keep much more of my income every year (pay
less payroll, collect some dividend).  Of course, I'll assume you've figured
this already as you don't seem to be asking if Incorporation is worth it,
just how to do it.
 
My Accountant took care of the entire process for me: filing the papers for
stock issuing, establishing the board (all one of me), Filing the business
name papers, etc.  I never once worked with an attorney that I recall.
Perhaps my accountant did on my behalf I don't know.
 
My clients write checks either to my business name (I have established both
Checking and Savings accounts for the business) or to me.  Doesn't matter.
What matters is that you deposit all those checks into your business
accounts first as a matter of course.
 
As far as paperwork goes, for me it really doesn't amount to much work.  I
file some quarterly reports and of course annual filings - which my
accountant handles.  The additional paperwork is maybe an extra hour per
quarter.
 
Hope that helps some.
 
William R. Monroe
 
 
 
SNIP
 
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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