Going INC...

Discussion in 'Business Operations' started by GraZZmaZter, Apr 9, 2007.

  1. GraZZmaZter

    GraZZmaZter LawnSite Senior Member
    Posts: 740

    I am currently in the process of converting mu business from a sole proprieter to a sub S corp.

    My next appt with my lawywer is thurs.

    For those of you that have went through this, what should i look out for?

    Any advice, warnings, horror stories or words of apathy would be welcomed.

    Thanks.

    Shep
     
  2. MILSINC

    MILSINC LawnSite Member
    Posts: 175

    nothing to be worried about there. .. only good things will come of it.
     
  3. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Posts: 1,913

    Nothing but good it true

    Gonna have to break or get use to some new habits

    Your NOT an owner anymore ... your an officer or CEO of a business ... don't forget of the officer exempt when it comes to W/C

    EVERYTHING has the Inc. title ..... XYZ Lawns Inc. on ALL paper goods ..... stamps .... legal stuff ....web site ....etc

    more n more but the legal eagle will tell you that ... GL with it
     
  4. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    I know that by doing this your not held responsable anymore.... the company is truly a 3rd person.....

    you may have to watch how you pay yourself....

    if you want something you may have to give yourself a bonus from the company.....these are handled diffrently as far as tax is concerned...
    remember you can misapproate funds.....
     

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