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    linnypod's Avatar
    linnypod Posts: 3, Reputation: 1
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    #1

    Jan 7, 2007, 05:50 PM
    How do I change from sole proprietor to incorporate?
    I am a sole proprietor, but want to protect my assests and was told to incorporate. How do I do this?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jan 7, 2007, 07:21 PM
    Since you know nothing about it, you hire an attorney to explain it to you, and to also explain the possible double tax theory since the coporation will pay tax on its profit, and then when they pay you, you have to pay taxes.
    But also there are a lot of rules and regs and benefits. So without knowing, I would suggest you talk to an attorney.

    There are also LLC which can have some protection of assests
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