Lots of questions about corporations and the use of corporations, so I put together this file for you.

I put it on Rapidshare which place is a pain in the ass but "Oh, well!":

http://rapidshare.com/files/148981706/CORPSTUFF2.rar

MediaFire here:

http://www.mediafire.com/?bclw2e3febm

Feel free to hit me up if you have questions!

Any information in there about LLCs, I am leaning that way ...

Why an LLC? Any particular reason? With an LLC you still have liability in the corp.

Thank you Uptown I will have a look.

Yeah, lemmee work on that for you but the last two days have been tough and I am pooped.

I much prefer corporations to LLCs because of the anonymity factor but I will put something together and get it up.

Thank you for your inquiry!

Uptown.

(John)

Liability is a much smaller deal than people make of it.

If you go out and do intentional torts; that is to say, if you go out and screw people, you are going to get nailed, corp or not.

Privacy is paramount and that is the real advantage of a corp if it is set up properly.

Thank you for your reply.

Uptown.

(John).

Thanks for this Uptown, top notch as usual ; )

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I've heard you should only look to incorporate is when you have any liability. If you have some income from you're business and you stay sched c, sole proprietor, can't they then go after personal assets?

Hi Guys:

Since I am new here and can answer this one I thought I would add my 2 cents. A little long but here it is from one of my source books.....

AN LLC is:
* is not a corporation or a partnership

* may be called a limited liability corporation, the correct terminology is limited liability company

* owners are called members not partners or shareholders

* number of members are unlimited and may be individuals, corporations, or other LLC's

Advantages of Limited Liability Company

Limited Liability: Owners of a LLC have the liability protection of a corporation. A LLC exists as a separate entity much like a corporation. Members cannot be held personally liable for debts unless they have signed a personal guarantee.

Flexible Profit Distribution: Limited liability companies can select varying forms of distribution of profits. Unlike a common partnership where the split is 50-50, LLC have much more flexibility.

No Minutes: Corporations are required to keep formal minutes, have meetings, and record resolutions. The LLC business structure requires no corporate minutes or resolutions and is easier to operate.

Flow Through Taxation: All your business losses, profits, and expenses flow through the company to the individual members. You avoid the double taxation of paying corporate tax and individual tax. Generally, this will be a tax advantage, but circumstances can favor a corporate tax structure.

Disadvantages of Limited Liability Company

Limited Life: Corporations can live forever, whereas a LLC is dissolved when a member dies or undergoes bankruptcy.

Going Public: Business owners with plans to take their company public, or issuing employee shares in the future, may be best served by choosing a corporate business structure.

Added Complexity: Running a sole-proprietorship or partnership will have less paperwork and complexity. A LLC may federally be classified as a sole-proprietorship, partnership, or corporation for tax purposes. Classification can be selected or a default may apply.

Setting-up a Limited Liability Company

All 50 states now allow the formation of LLC`s. Forming your own LLC may not be as simple as a sole-proprietorship, however, the process is much less than a corporation. There are two main actions:

1. Articles of Organization: If you plan to set up a limited liability company, you will have to file articles of organization with the Secretary of State and pay the required fees. Articles may be prepared by a lawyer or filed yourself.

2. Operating Agreement: Although it is not required in many states to draft an operating agreement, it is advisable. Much like corporate by-laws or partnership agreements, the operating agreement can help define your company profit sharing, ownership, responsibilities, and ownership changes.

Each state has different rules governing the formation of a limited liability company. For instance, in North Dakota, a foreign LLC is not allowed for banking or farming. Some states will want a publication notice with the local newspaper that a company has been formed. Check with your local state office for further details.

Now with all that crap here is the bottom line. It doesn't have corporate taxes. It is as if you had a side business and is added as personal income (or partnership income) It does protect you... And if you are a seller of goods and your place catches fire or a customer doesn't pay or any of a thousand "what if's" and you cant pay your supplier, he cant take your car, house, stereo or any other personal item. This ain't legal advice but I can explain any questions.

I do not get it why everyone is so concerned about liability?

Libaility is not the issue!

What are you going to do that they will come after you?

Exactly and thank you for your post!

LLCs= Not good.

Corps = Good.

Basically for the purposes with which we who earn on the net are concerned, LLCs suck Cum Laude!

This is not about liability but rather maintainence of personal anonymity on the net.

Liability as an issue is over-rated.