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    karess1937's Avatar
    karess1937 Posts: 1, Reputation: 1
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    #1

    Oct 9, 2007, 05:01 PM
    Incorporating a Small Business
    How do I incorporate my small home base business by myself without outside help that cost a fortune?
    SHPS's Avatar
    SHPS Posts: 23, Reputation: 4
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    #2

    Oct 9, 2007, 05:03 PM
    Quote Originally Posted by karess1937
    How do I incorporate my small home base business by myself without outside help that cost a fortune?
    Contact your Secretary of State. Most have a website where you can download and print the application. You need to file Articles of Incorporation. Fees vary, in my state of KY it's $40.00. But you need to really spend time researching it. For a corporation, you need bylaws, etc. It can get a little tricky. Depending on the kind of business it is, a sole proprietorship may suit you better.
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #3

    Oct 13, 2007, 10:27 PM
    If you think that incorporation might still be the way to go, depending on your circumstances, you might want to see the information on the following site:

    Incorporate Your Business: USA.gov
    Stringer's Avatar
    Stringer Posts: 3,733, Reputation: 770
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    #4

    Oct 14, 2007, 12:50 AM
    Great help Clough,

    I would suggest in most cases you should incorporate for your own protection and peace of mind. You should do your due diligence and research exactly which type of incorporation you should choose. In Illinois you can pick a type and change it later but I am pretty sure that you can only change one time.

    -Stringer
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #5

    Oct 14, 2007, 01:07 AM
    I'm going to bed. But, I do want to ask what you mean by being allowed to change it only one time, please?
    Stringer's Avatar
    Stringer Posts: 3,733, Reputation: 770
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    #6

    Oct 14, 2007, 01:14 AM
    Quote Originally Posted by Clough
    I'm going to bed. But, I do want to ask what you mean by being allowed to change it only one time, please?
    It's 3:15 am here in Chicago; me too.

    When we originally incorporated we set up as a "C" Corp. Then through our attorney and accountants we discovered that a "Sub S" Corp was a better deal for us for taxing purposes.
    Example: As a "C" the owners are taxed personally and also taxed for the profit that the company makes. With a "Sub S" the profit falls through to the owner/s and the rate is less.
    Stringer:)
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #7

    Oct 14, 2007, 01:24 AM
    By-the-way, Stringer. Thanks for the rapport! I think that it is likely that we work well together! Goodnight!
    Stringer's Avatar
    Stringer Posts: 3,733, Reputation: 770
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    #8

    Oct 14, 2007, 01:45 AM
    Quote Originally Posted by Clough
    By-the-way, Stringer. Thanks for the rapport! I think that it is likely that we work well together! Goodnight!
    I believe so also Clough, goodnight. I enjoy helping people, especially with business situations where I may have some experience, as you do. Although at times in "relationship" situations I may get in a little over my head, but I have learned a few things in my 62 years on this planet.
    -Stringer:D
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #9

    Oct 14, 2007, 06:02 AM
    Hello k:

    If it were me, I'd hire someone to do it. I don't know where you heard that it costs a fortune. It doesn't, unless you consider a couple hundred bucks a fortune. If you do, then you probably shouldn't be going into business.

    I've used a company that I like several times. It's called the Company Coropration. Google 'em.

    excon
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