Posted by Pierre on January 08, 2003 at 22:09:32:
Thank you for your response.
Who does paperwork to set up an S-corp? Lawyer? - Posted by Jerry-Mi.
Posted by Jerry-Mi. on December 17, 2002 at 13:09:03:
How do I get the paper work to set up the s-corp?
Is it a lawyer?
Incorporating - Posted by John Merchant
Posted by John Merchant on December 17, 2002 at 16:34:38:
Don’t have to have a lawyer for new corp. Just pick up a kit at Office Depot, or Staples, etc., or online, and fill it out, take application for corporate charter to your Secretary of State’s office, corp. division, file it and pay your money.
But seriously, there is a lot to know, and to do it right, please read the instructions that come with the kit, and follow the instructions. Most corp kits are NOT really completed by the person incorporating, and the resulting corp is usually less than 1/2 done, and NOT really the great liability insulator it should be.
And there are some really terrific books on How to Inc., and use your corp., etc., which I’d sure recommend you get and read so as to know what to do and why.
Just look at Barnes and Noble, or Borders, or Amazon and see how many books they have on How to Inc., etc., and you’ll find lots on the subject.
Re: Incorporating - Posted by Pierre
Posted by Pierre on January 08, 2003 at 20:54:14:
Do you actually need to set up a corp. to just flip properties? And if you do, when you pay yourself a reasonable salary, where does the rest of the money go?
Necessity of Inc.'ing - Posted by John Merchant
Posted by John Merchant on January 08, 2003 at 21:48:27:
You’ll find probably hundreds of posts hereon re this topic so I won’t comment further, except to say, in answer to “where does rest of money go?”, the brightest folk seem to find a way to “expense” out ALL the money in the corp. coffers so as to be able to use all the money there with never having to take it out in salary.
e.g. your corp requires you to attend quarterly board meetings in Nassau or Hilo or Paris, and requires its officers to drive a new BMW that the corp leases for its officers, etc. Some onerous expenditures like these to eat up that money.