Incorporation questions

[Michelle Smith]

Hi Geoff and others.  My husband (a graphic designer) and I combined our
businesses into one corporation.   Our reasons for doing this were to keep
our business finances completely separate from personal and to remove
personal liability.  (He does large scale corporate and political
advertising.)  We incorporated together but have a dba (doing business as)
for each business.  The dba's are where our clients write checks.

 

I believe my husband used an online service for incorporating which reduces
your costs but leaves you with a lot of work.  

 

The whole process has been pretty overwhelming.  My husband fell behind on
the paperwork (he's a creative spirit, bless his heart) and I had to rescue
the corporation.  I've taken over all of the bookkeeping except for our end
of the year taxes which our CPA does.  Quickbooks helps me quite a bit
because I subscribe to their payroll service.  We're at the point of doing
monthly payroll deposits and it sends me reminders and then I e-file.

 

If your business has become large enough to be concerned about personal
liability and income tax, then go for it but be aware of the amount of
self-education that is involved.  

 

Best wishes!

 

Michelle Smith

Smith Piano Service

Bastrop, Texas

 

 

 

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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