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Discussion in 'Business Operations' started by Lawn-Scapes, Oct 15, 2001.
TSG: Dude...relax...I was kidding.
Sorry TSG, I have been busy and missed the post. It was very easy, I had the busines established by www.mycorporation.com and they did the rest, it was like $400 or so. I did all the "paperwork" about this time last year and had everything set up by 1/1/2001.
I am established as a "sub-s" corp and once I obtained the federal tax ID number I went to the bank and set up the checking. I did have the added expense of new envelopes, lettering, cards, and such but no big deal. When I started this year everything wa son a "clean slate", new software, new scheduling software, and such.
Hope that helps some.
Did you have any business debt... truck, mowers, etc.. to carry over? How is this done?
Since the truck and mowers were in my name I now lease them to the company. It bought the trailer and small stuff, new purchases are under the company only.
If you go from a one person LLC or proprietorship to a corporation (regular or S corp), you can transfer assets and liabilities to the corporation in exchange for the stock in the corporation in a tax free transaction. See your accountant and attorney to make sure you do it right.
If you are just changing the name, no problem. You would need to change your DBA name or register a new one if you are registered with the state, and change you bank accounts, etc. In your software, you could probably just change the name in the software if you aren't changing the type of business entity.