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shuki

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#1

Question regarding Corporation formation

02-11-2005, 08:12 PM

I have a question regarding where I should incorporate and what type of formation I should choose.

Am I better off with a C, S LLC

Does anyone have any good attorneys or accountants they can refer me to?

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shuki

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#2

02-11-2005, 08:42 PM

What do people think about www.xxxlaw.net.

Do they help with incorporation?

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Steen2

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#3

02-11-2005, 08:44 PM

shuki, I have heard good things about them, however I wouldn't know. I go on personal relationships and recommendations.

Perhaps a business general firm/lawyer would be better than an IP law firm? I am not sure though.

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shuki

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#4

02-11-2005, 08:49 PM

Steen,

Thats good to hear. Thanks for your input

I have general counsel that I have used for other ventures but due to the nature of the industry I am thinking of going with someone like this to make sure all my bases are covered.

Waiting to hear from people that have used them.

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Steen2

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#5

02-11-2005, 08:53 PM

I just seem to always see their name in Xbiz?

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shuki

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#6

02-11-2005, 09:02 PM

Originally posted by Steen2

I just seem to always see their name in Xbiz?

Cool

Any others mentioned. I don't read that mag.

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bdld

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#7

02-11-2005, 10:26 PM

you could do your research and incorporate yourself pretty easily.
useful link describing the different kinds of ownerships: http://nolo.com/article.cfm/objectID...2/111/182/ART/
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pornRefinery

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#8

02-11-2005, 10:27 PM

Originally posted by shuki

I have a question regarding where I should incorporate and what type of formation I should choose.

Am I better off with a C, S LLC

Does anyone have any good attorneys or accountants they can refer me to?

Depends what you need exactly. SO many factors to consider. GFY isn't really the best source for such an important decision. Spend a couple hours at a book store and read up on this
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pornRefinery

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#9

02-11-2005, 10:28 PM

Originally posted by shuki

I have a question regarding where I should incorporate and what type of formation I should choose.

Am I better off with a C, S LLC

Does anyone have any good attorneys or accountants they can refer me to?

But I like the regular C-corps. Never liked LLCs
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pornRefinery

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#10

02-11-2005, 10:29 PM

Are you looking to incorporate in your home state or go for a Nevada or Delaware strategy?
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KRL

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#11

02-11-2005, 10:31 PM

LLC

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shuki

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#12

02-11-2005, 10:33 PM

Originally posted by bdld

you could do your research and incorporate yourself pretty easily.
useful link describing the different kinds of ownerships: http://nolo.com/article.cfm/objectID...2/111/182/ART/

Thanks for the link

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shuki

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#13

02-11-2005, 10:34 PM

Originally posted by pornRefinery

Are you looking to incorporate in your home state or go for a Nevada or Delaware strategy?

My answer to this is "I don't know" not sure exactly what the advantages or disadvantages are regarding setting up in home state vs. Nevada or Deleware situation.

I have also heard good things about Wyoming.

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shuki

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#14

02-11-2005, 10:37 PM

Originally posted by KRL

LLC

Hey KRL

I was hoping you would see this and answer

What brought you to that choice? I guess I really just need to sit down with an expert and have them explain the differences to me.

I know it would will pages in this thread

Any leads on who to speak to?

TIA

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pornRefinery

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#15

02-11-2005, 10:38 PM

Originally posted by shuki

My answer to this is "I don't know" not sure exactly what the advantages or disadvantages are regarding setting up in home state vs. Nevada or Deleware situation.

I have also heard good things about Wyoming.

See, it really all depends on what you want to do with your company. There are dozens of factors to consider, and there are barely any good online resources. Most of the articles you will find are either too general or biased for whatever reason. I'd suggest you go the old-fashion route - get a book or two, and spend a week figuring out which structure is good for you. Any suggestions you will get from people are given to you only because they worked for THEM and are not necessarily good for what you have planned out.
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pornRefinery

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#16

02-11-2005, 10:39 PM

Originally posted by shuki

Hey KRL

I was hoping you would see this and answer

What brought you to that choice? I guess I really just need to sit down with an expert and have them explain the differences to me.

I know it would will pages in this thread

Any leads on who to speak to?

TIA

The best way is to take an expert on the subject out for lunch and pick his brain for an hour or two
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shuki

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#17

02-11-2005, 10:40 PM

Originally posted by pornRefinery

See, it really all depends on what you want to do with your company. There are dozens of factors to consider, and there are barely any good online resources. Most of the articles you will find are either too general or biased for whatever reason. I'd suggest you go the old-fashion route - get a book or two, and spend a week figuring out which structure is good for you. Any suggestions you will get from people are given to you only because they worked for THEM and are not necessarily good for what you have planned out.

That's a very good point.

Thanks for the advice.

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shuki

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#18

02-11-2005, 10:41 PM

Originally posted by pornRefinery

The best way is to take an expert on the subject out for lunch and pick his brain for an hour or two

First question would you consider yoursef an expert?

Second is where here are you located?

Third is what is your favorite lunch?

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#19

02-11-2005, 10:43 PM

Originally posted by pornRefinery

Are you looking to incorporate in your home state or go for a Nevada or Delaware strategy?

Funny thing is, you read so much about how great it is to have a Deleware/Nevada/Panama/etc. corporation is, yet when you get one on one with a lawyer and/or accountant, they almost always seem to recommend incorporating in your home state, country.

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pornRefinery

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#20

02-11-2005, 10:46 PM

Originally posted by shuki

First question would you consider yoursef an expert?

Second is where here are you located?

Third is what is your favorite lunch?

I own several companies in several states, but I'm definitely not an expert in terms of suggesting a structure for someone else I just picked the ones that fit my needs at the time. If you're not in a big hurry, I'd really recommend getting a book or two. It's a good place to start at and you'll have a much better idea how this whole thing works once you finish them

Just don't fall for expensive lawyers or online incorporation firms that charge too much. Incorporating is [relatively] CHEAP.
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shuki

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#21

02-11-2005, 10:48 PM

Originally posted by Steen2

Funny thing is, you read so much about how great it is to have a Deleware/Nevada/Panama/etc. corporation is, yet when you get one on one with a lawyer and/or accountant, they almost always seem to recommend incorporating in your home state, country.

Yah I guess it is the allure of the grass is always greener

One other aspect is that I don't have roots yet. I am in Boston at the moment but I am moving to LA on the 1st of March. I am living with a friend for a minimum 3 month period to see if I like it. If its great then I will stay. If not I will def be backin NYC. So that I guess is another question. What is my home state

That is why I wonder if a Nev or Del is the right choice for me.

I also have both Mainstream and Adult ventures but I don't want them to mix. So do I set up 2 different corps or one main with DBA's for the two branches?

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pornRefinery

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#22

02-11-2005, 10:54 PM

Originally posted by shuki

I also have both Mainstream and Adult ventures but I don't want them to mix. So do I set up 2 different corps or one main with DBA's for the two branches?

Whichever way you want. You can start with one corp and at a later stage open another one and play with them any way you want. You'll just need to obtain two business licenses I think (well, I like to do it this way. $50 more and saves headaches lol)
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#23

02-11-2005, 10:57 PM

I'm off to watch some TV... Need to catch up before the DVR gets full

I'll come back to the thread in the morning. good night! Have fun in Barnes & Noble tomorrow hehe
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#24

02-11-2005, 11:31 PM

http://www.bizfilings.com/learning/ read up, plus they have a online chat in the day time that you can ask questions...

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#25

02-12-2005, 02:51 AM

can't suggest strongly enough that you find a lawyer who you can trust, who can guide you through it - not only can they advise you on whether corps or LLCs make the most sense for you, they can also work with your accountant to put together a structure to minimize your legal risks and maximize the income that you get to keep. when i finally did it, it blew me away to see how much money i had left on the table by doing things half-assed for years...

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#26

02-12-2005, 02:52 AM

if you have to ask these question then you should not even attemp to try and do this yet

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shuki

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#27

02-14-2005, 01:02 PM

Any lawyers that people in the industry have used for this set up? Who helps all you guys set up in places like Panama etc?

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