Corporation vs. Sole Proprietor

[OLD CHIPMONK]

We are discovering a lot more government involvement with Corp. . Paperwork on top of paperwork. An accountants dream . Please comment !

 

[Dadatwins]

Check out becoming an LLC, sort of a blend between the 2. Good luck.

 

[ronnyb]

hire a decent accountant. good idea for any business person.

 

[ATH]

Check out becoming an LLC, sort of a blend between the 2. Good luck.

Yes! It took me 15 minutes and $75 filing fee to become an LLC.

This is a State designation only. The IRS still sees you as a sole proprietor (or partnership if that is the case) - but you still have the liability protections of a corporation.

It took me less than 2 minutes to find what you need to do in Georgia: Here is a link to Georgia's Secretary of State page on how to file for an LLC. Found through this site: http://www.sos.ga.gov/corporations/

As the link advises, get legal consultatoin to make sure this is what you want to do. Not only an accountant, but also an attorney. Nobody gets excited about them, but if you have one on your side to start, it could be well worth it down the road. You can either pay one to file for you (probably no advantage to that), or you can file yourself. You just need to talk to the pros (Lawyer & Accountant) to make sure that an LLC is best for your business at this time. The best advice I had was to find one of the two, then ask who they like to play with...this should help avoid confusion and conflicting advice.

 

[ccrider2240]

went from sole p to Corp 4 years ago got me a damn good CPA & bookkeeper, they are now my best friends, nough said.... along with my chipper

 

[OLD CHIPMONK]

We have been an S-Corporation since Jan. 2007. We have an excellent CPA & his firm behind us ( good advice; have them listed as your Registered Agent ) . All paperwork & gov't. forms you receive, he also receives , ensuring they are filed in a timely fashion. Our business plan, banking, insurance issues, stock certificates , loans , payroll & corporate assets are seperated from our personal assets. Individual liability is greatly reduced, but not illiminated ( in the event of a lawsuit ). We harvested new benefits over the old individual D.B.A. sole proprietorship. We"ll post again as different events unfold.