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  #1  
Old 10-16-2007, 03:29 PM
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richter24 richter24 is offline
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Incorporated??

before I pay my lawyer, I wanted to get some input. My two choices are Sol and Inc. The only difference I have gathered from them is on a Sol P, your financials are combined. Where as an Inc, they are seperated? What else should I know about going Incorporated? I am leaning toward Inc.
Any help would be great guys.
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  #2  
Old 10-16-2007, 03:33 PM
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John Gamba John Gamba is offline
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Quote:
Originally Posted by richter24 View Post
before I pay my lawyer, I wanted to get some input. My two choices are Sol and Inc. The only difference I have gathered from them is on a Sol P, your financials are combined. Where as an Inc, they are seperated? What else should I know about going Incorporated? I am leaning toward Inc.
Any help would be great guys.

You should talk with a certified accountant before you make your move.
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  #3  
Old 10-16-2007, 03:51 PM
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richter24 richter24 is offline
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Quote:
Originally Posted by John Gamba View Post
You should talk with a certified accountant before you make your move.
I'll do that. I seen that on another thread also.. I will definitely take that advice.

Why do you say that out of curiosity?
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  #4  
Old 10-16-2007, 03:54 PM
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Team-Green L&L Team-Green L&L is offline
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You have been misinformed. Your choices are Sole Proprietorship, LLC, or S-Corp. If you want things simple keep it a sole proprietorship. This allows you to claim all your earnings with one filing. This helps if you have paid a lot into taxes through a 9-5 and your company was not very profitable, but you still have the write-off's so your return will be higher. Down-side is that if you own something and get sued for bad work you can lose your home, car, boat, etc.

Now an LLC and an S-Corp are very similar. The differences are so little that it's best to describe them as an LLC being simpler (you have control over changes in structure, organization, etc.) whereas an S-Corp requires filing paperwork and other things when making changes, but you can go public (on the stock exchange) with this entity.

Check out your Secretary of State's website for more info. http://www.in.gov/sos/business/
IT IS ALWAYS ADVISABLE TO DISCUSS THIS MOVE WITH AN ATTORNEY BEFORE FILING ANY ENTITY!!!
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  #5  
Old 10-16-2007, 03:55 PM
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I would listen to your cpa or lawyer before anybody on here.
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  #6  
Old 10-16-2007, 03:59 PM
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richter24 richter24 is offline
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Quote:
Originally Posted by Team-Green L&L View Post
You have been misinformed. Your choices are Sole Proprietorship, LLC, or S-Corp. If you want things simple keep it a sole proprietorship. This allows you to claim all your earnings with one filing. This helps if you have paid a lot into taxes through a 9-5 and your company was not very profitable, but you still have the write-off's so your return will be higher. Down-side is that if you own something and get sued for bad work you can lose your home, car, boat, etc.

Now an LLC and an S-Corp are very similar. The differences are so little that it's best to describe them as an LLC being simpler (you have control over changes in structure, organization, etc.) whereas an S-Corp requires filing paperwork and other things when making changes, but you can go public (on the stock exchange) with this entity.

Check out your Secretary of State's website for more info. http://www.in.gov/sos/business/
IT IS ALWAYS ADVISABLE TO DISCUSS THIS MOVE WITH AN ATTORNEY BEFORE FILING ANY ENTITY!!!
That is one good reason I am looking to go Incorporated is because, IF I were sued, I definitely do not want it to hit my family.
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  #7  
Old 10-16-2007, 05:13 PM
privatelawn privatelawn is offline
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What about C-corp
Quote:
Originally Posted by Team-Green L&L View Post
You have been misinformed. Your choices are Sole Proprietorship, LLC, or S-Corp. If you want things simple keep it a sole proprietorship. This allows you to claim all your earnings with one filing. This helps if you have paid a lot into taxes through a 9-5 and your company was not very profitable, but you still have the write-off's so your return will be higher. Down-side is that if you own something and get sued for bad work you can lose your home, car, boat, etc.

Now an LLC and an S-Corp are very similar. The differences are so little that it's best to describe them as an LLC being simpler (you have control over changes in structure, organization, etc.) whereas an S-Corp requires filing paperwork and other things when making changes, but you can go public (on the stock exchange) with this entity.

Check out your Secretary of State's website for more info. http://www.in.gov/sos/business/
IT IS ALWAYS ADVISABLE TO DISCUSS THIS MOVE WITH AN ATTORNEY BEFORE FILING ANY ENTITY!!!
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  #8  
Old 10-16-2007, 05:15 PM
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John Gamba John Gamba is offline
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Quote:
Originally Posted by richter24 View Post
Why do you say that out of curiosity?


Because thats what they go to school for.
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  #9  
Old 10-16-2007, 05:35 PM
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Team-Green L&L Team-Green L&L is offline
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Quote:
Originally Posted by privatelawn View Post
What about C-corp
I never asked our attorney about a C-Corp because my first question when we filed our LLC was, "what are the viable options for our entity" and a C-Corp wasn't one of them. As far as I know a C-Corp is normally a public corporation, but then again, I don't know.
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  #10  
Old 10-16-2007, 05:56 PM
privatelawn privatelawn is offline
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My company is setup as a c-corp but im sure most lawncare businesses are llc or s-corp
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