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Old 11-16-2002, 07:32 PM
021462 021462 is offline
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What is Incorporated?

Sorry, I really don't know but I have a legitimate business name and account but what is Incorporated?
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Old 11-16-2002, 08:20 PM
KenH KenH is offline
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This gets a little complicated, but it is a form of business organization. A "corporation" (which is what Incorporated means) is its own entity and is not owned by a single person. The business itself has a value, usually represented by stocks. There is also an executive order, ie president, vice, etc.
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Old 11-16-2002, 08:29 PM
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Green Pastures Green Pastures is offline
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The REALLY nice thing about being incorporated is that IF you do have a serious accident including totally destroying a house or God forbid loss of life, chances are in this day and age you will be sued. If you're not incorporated they sue YOU, and can get at your house, car, savings, everything YOU own. However if you are incorporated they can still sue but can only sue the business and NOT your personal accetts.

Incorporation is a very smart thing to do. It's not at all costly and can benifit you if you look into it and do it right.
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Old 11-16-2002, 10:19 PM
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jason r. jason r. is offline
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If you're solo (no employees just you running and working the company) can you incorporate? If so, who would be named ex., pres., vice pres., etc.? I've been wondering this since I started my biz.
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Old 11-16-2002, 10:27 PM
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Green Pastures Green Pastures is offline
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Where I'm at you can name yourself Pres., Vice. Pres. etc., although I do have a family member as Vice. Pres.

The other nice thing about it is you're REQUIRED to have "board" meetings. We have them at a really nice resturant and it's all tax deductable.
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Old 11-17-2002, 12:03 AM
GroundKprs GroundKprs is offline
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If you are working solo, and are incorporated, your personal assets are not insulated. If you are driving the mower that slings the rock that blinds the little kid, of course the corporation will be sued as the business owner. But, BIG BUT, you can also be sued as the individual driving the mower.

Corporation only protects you from stupidity of employees other than yourself!
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  #7  
Old 11-17-2002, 12:26 AM
rross rross is offline
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I am after my masters in business administration and if a employee on the job of a corporate administration causes damage to someone or something, the corporation is at fault. When you work for a corporation, so long as you are legitimately on the clock, YOU are the sole property of the corporation, all damages are issued through the corporation. However, as with the post above, there are some catches to this, if you don't keep a time sheet for your foreman/managers to sign in and out when en employee is on the job, and they are cutting some grass, a piece of whatever flies out and hit miss johnson in the knee cap, the laywer may try and say that he wasn't on the job cause the time sheet is not presentible.
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