Incorporating?

Discussion in 'Business Operations' started by Soupy, Oct 6, 2003.

  1. Soupy

    Soupy LawnSite Gold Member
    Posts: 3,125

    What is the best option for LCO's ? I'm thinking LLC but I want to hear what you guys are Incorporated under.

    I know your going to tell me to call my Accountant, But she's on vacation until next Monday.

    Thanks,
    Soupy
     
  2. mtdman

    mtdman LawnSite Gold Member
    Posts: 3,137

    I have an LLC. The LLC, at least here in MI, gives you many of the benefits of incorporating such as a layer of liability protection, without all the hassles of keeping minutes and officers etc that an Inc needs.

    I had a lawyer do mine, it was kinda complicated. Cost about $350.

    Look on your state's website for more info about LLC in Illinois.

    Good luck!

    :D
     
  3. CamLand

    CamLand LawnSite Bronze Member
    Posts: 1,300

    mtdmater check your pm mail..
     
  4. mtdman

    mtdman LawnSite Gold Member
    Posts: 3,137

    check yours, camland.

    :D
     
  5. mower_babe

    mower_babe LawnSite Senior Member
    Posts: 790

    we had our lawyer do it....only one word of advice - you need to ensure that you dissolve the previous business - even if you are going to operate under the same name, add inc, because IF YOU DO NOT - you will live in the personal hell that we have this year. Talk about problems with the IRS. Have you ever had the pleasure of waiting on the phone for a live IRS rep NO?!?! well, don't dissolve the business properly and you will have the pleasure of sitting on hold for an hour at a time - and have the ongoing drama and the penalties for this crazy crap. Good Luck - I think if I had to do it all over again - it was a waste to get incorporated at our size - jmo.
     
  6. Soupy

    Soupy LawnSite Gold Member
    Posts: 3,125

    mower_babe, What part of IL. are you in? And what typ of INC. did you use?

    I'm in Belleville, 15 minutes east of St. Louis.

    Soupy
     
  7. mower_babe

    mower_babe LawnSite Senior Member
    Posts: 790

    We are an S corp.

    I am not fooling about the dissolution of the business - you need to make sure of that --I --- U MEd that our well paid, high profile lawyer would take care of all loose ends. But that did not happen. I am on a first name basis with the Internal revenue service now. I am still INC, but kinda regretfully.:)
     
  8. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

  9. mower_babe

    mower_babe LawnSite Senior Member
    Posts: 790

    ok, now you edited the word "assumed." Has anyone ever heard assuming makes an --- out of you and me? I capitalized the letters that made my point and got edited. With all due respect moderators---good lord.:rolleyes:
     
  10. Soupy

    Soupy LawnSite Gold Member
    Posts: 3,125

    Mower_babe, Thanks for your advice, I will miake sure I dissolve the old business first.

    I was wondering what the heck the --I---U MED meant. Now I know. If things keep going the way they are around here, I'm going to have to find another message board.

    Soupy
     

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