Anyone here Incorporated?

[SIM SIMMA]

Just like the subject asked... anyone?

If so is it a tedious process? Any advice? tips? etc..

Thanks in advance.

[SIM SIMMA]

* Crickets chirping *

** tumbleweed rolling by **

I guess the wrong place to ask...

:(

[S.F.W.]

I looked into it a few years back when I was doing IT consulting on a full time basis. It does not take that long, but it can get tricky. You have to ensure to have seperate accounts for the business, and be very careful what you pay directly from the business accounts.
A friend of mine recently completed the task, but ended up needing an accountant part time to sort through the numbers.

[SIM SIMMA]

Thanks Ami.

I was looking into it as I am considering going on my own and going the IT consultant route and just work contract jobs.

I am just making sure it is worth the trouble. The additional paperwork is what I am not crazy about.

[majic]

Originally posted by Jobes


Thanks Ami.

I was looking into it as I am considering going on my own and going the IT consultant route and just work contract jobs.

I am just making sure it is worth the trouble. The additional paperwork is what I am not crazy about.

it gets even more messy when you want to close DOWN your \'business\'... i don\'t know the ins and outs but my dad inc\'d himself and it\'s been about 5 yrs of runaround from the TAX MAN to get things sorted out *sigh* it could be a one off but just an FYI

[fourtrack78]

I was looking into it as I am considering going on my own and going the IT consultant route and just work contract jobs.

need part time help?:)

[SIM SIMMA]

Thanks for the heads up Majic.

My current job was supposed to be contract to hire, but things have changed due to budget cuts and now I find myself looking for work again. I have a few leads perm and contract...

The thing is with the potential lead that is contract the first thing people ask you is if you are incorporated. The rates are higher if you are, but it leads to you paying all the taxes and whatnot on your own which is the extra paperwork. You have to keep track of everything. I\'m just trying to figure out if this is the route I want to go.


Fourtrack... hehe... maybe in the future future I\'ll need help. :) Nothing is established right now.

[Whos ur dadd]

Other than the burden of extra paper and an extra set of accounts, there are benefits. These include limitation of liability and \"sheltering\" of income (ie. distributing the dividend income when you are in the best tax position to do so), etc. A lot of this practical advice can be gleaned from your lawyer or accountant.

If you do incorporate, make sure you do it right. Many people think that the filing of Articles of Incorporation is all that you need to do. But you should also ensure that your corporate records (minute books, resolutions, etc.) are up to date and that the necessary filings are made with the Companies Branch. CRA may look at these materials when you are audited by them. Also, when you\'re ready to sell out the company for $millions of bucks, good corporate records will be one less worry...

I think majic may know some lawyers. Ask him to refer you to some ... ;)

[majic]

Originally posted by Whos ur dadd
I think majic may know some lawyers. Ask him to refer you to some ... ;)

fortunately i was able to get a bunch of \'lawyers\' with baseball bats to fend off broli\'s mom

[SIM SIMMA]

Thanks WUD for the input.

Greatly appreciated.

[majic]

on top of the dividents WUD mentioned you can \'employ\' your son/daughter as an admin person or whatnot.. and pay them .. say you have 3 kids and you get a contract for 100K well you say your company gets 100K in but gives 20K to the 3 kids and 40K to you.. they stay in the lower brackets and the company\'s net balance is $0 - no taxes.. at least that\'s how i see it through my simplifying glasses :) :P

[SIM SIMMA]

I\'ll need to get me a pair of them glasses ;)

[Optimzer]

everyone\'s made good points so far. here\'s another consideration: when dealing with some organizations their \'partner\' requirements can make it almost necessary to be inc\'d. depends on your clients I guess.

originally I was running as a sole proprietorship but started under a corp in 2003 for a number of reasons (described in previous posts).

[Whos ur dadd]

Oh and most importantly, you can give yourself some impressive titles. \"Hello, this is Jobes, Chairman, CEO, CTO, COO and President of Jobes International Incorporated...\"

The ladies love the C-suite designations... :D

[SIM SIMMA]

LOL.

That is incentive in itself! :D