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Home: Video University Forums: Marketing & Business:
should we become incorporated?

X-Ray
Imported Account

May 21, 2003, 9:56 AM

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should we become incorporated?	Can't Post

I am a wedding videographer. Recently I was approached by an accounting business that says I need their service and recommends me turning into a corporation. They gave me scare tactics of lawsuits and information about the benefits of tax help. I have great liability and E&O insurance. Should I convert over to a corp. for greater protection or is it unnecessary? I don't want the added accounting bill forever. The tax benefit sounds ok but not that big of deal to me at this time. What is everyone else doing?

X-Mark
Imported Account

May 21, 2003, 10:34 AM

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Re: should we become incorporated?	Can't Post

An LLC might be a good mid-way point. You are protected, but the "officialness" of a standard corporation are not fully in place. Though it's not free, it's cheap to set-up and maintain, and you only need an accountant once a year. If you keep good books, the accountant should be able to prepare taxes for less than $250.
: I am a wedding videographer. Recently I was approached by an accounting business that says I need their service and recommends me turning into a corporation. They gave me scare tactics of lawsuits and information about the benefits of tax help. I have great liability and E&O insurance. Should I convert over to a corp. for greater protection or is it unnecessary? I don't want the added accounting bill forever. The tax benefit sounds ok but not that big of deal to me at this time. What is everyone else doing?

X-Doug_Graham
Imported Account

May 28, 2003, 9:31 AM

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Re: should we become incorporated? [In reply to]	Can't Post

There are some benefits to incorporating, but they are, in my opinion, overblown for the small one man or one family operation. I'm not an accountant, though...I would suggest getting a second opinion from your local business association.
Regards,
Doug Graham
Panda (Sole Proprietorship) Productions

X-Mrs_Twanna_Y_Brown
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Sep 14, 2003, 4:35 PM

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X-Lorraine_Guimaraes
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Nov 10, 2003, 12:46 PM

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Re: should we become incorporated? [In reply to]	Can't Post

We are a new jewelery making business. is there any reason why we should become incorporated?

X-A_Halifax_Chartered_Accountant
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Feb 5, 2004, 8:30 PM

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Halifax Chartered Accountant [In reply to]	Can't Post

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Respectly yours
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<a href="http://www.a-purfectdream-expression.com/stephenb.html">A Halifax Chartered Accountant</a>