Incorporation - GoFuckYourself.com

stevendice · 08-28-2004, 06:57 PM

If you are entering this online industry as a sole proprietor is it almost a necessity to incorporate because of possible lawsuits? What have you done?

Sly_RJ · 08-28-2004, 07:02 PM

Possible law suits in what regards? Overall I think being incorporated is a much better decision, your wallet will be much happier. Mine is anyway.

toddler · 08-28-2004, 07:04 PM

as a matter of liability, I'd say yes. I seem to recall there being many many LLC's around here, with a few s corps thrown in as well. C-corp....not many here would warrant the pain of that.

Doctor Dre · 08-28-2004, 07:07 PM

You can get lawsuits in any industry. If you do your homework right you won't get lawsuits (most likely).

Incorporation is mostly done for tax needs

Webby · 08-28-2004, 07:08 PM

stevendice:

Quote:

If you are entering this online industry as a sole proprietor is it almost a necessity to incorporate because of possible lawsuits? What have you done?

Often the case will be that "incorporating" will not cover the owners/operators of websites from such stuff as criminal actions. Ya don't have to do much to have a "criminal action" say, on "porn" - that is easy as hell to instigate at the whim of someone.

For tax purposes, it can often be good.

If you live in, eg, the US it may be handy from the angle of civil actions simply because of the volume instigated in the US.

Sly_RJ · 08-28-2004, 07:11 PM

Quote:

Originally posted by Doctor Dre
You can get lawsuits in any industry. If you do your homework right you won't get lawsuits (most likely).

Incorporation is mostly done for tax needs

No, depending on the type of corporation, your personal assets can not be vulnerable to any law suit brought on the corporation. So say for example somebody sues your corporation for $100k, your personal assets should be protected.

But yes, taxes are one of the main reasons.

Webby · 08-28-2004, 07:11 PM

stevedice:

Quote:

What have you done?

Sorry.. missed the above. OK.. got assorted corps in various jurisdictions where the only laws recognized are those of the jurisdiction. That basically means their courts would not entertain crap suits and you would have to do some serious shit to be a problem - ie gun running and murder :-)

pornguy · 08-28-2004, 07:13 PM

Incorporation is easy and cheap. and something that you should do. Talk with an attorney, and then incorperate. You can do that part online in some states.

stevendice · 08-28-2004, 07:23 PM

Is the paperwork of running a personal corporation a pain in the ass? Should you hire an accountant to look over everything?

MandyBlake · 08-28-2004, 09:13 PM

Quote:

Originally posted by stevendice
Is the paperwork of running a personal corporation a pain in the ass? Should you hire an accountant to look over everything?

It's smart to have an attorney, cuz you'll need one come tax time.

08-28-2004, 06:57 PM	#1
stevendice Registered User Join Date: Aug 2004 Location: Pennsylvania Posts: 17	Incorporation If you are entering this online industry as a sole proprietor is it almost a necessity to incorporate because of possible lawsuits? What have you done?

08-28-2004, 07:02 PM	#2
Sly_RJ Live Hard - Die Hard Join Date: Feb 2002 Location: Ready to leave... Posts: 17,042	Possible law suits in what regards? Overall I think being incorporated is a much better decision, your wallet will be much happier. Mine is anyway. __________________ PHAT SERVERS - Quality dedicated hosting at a quality price! sly AT phatservers DOT com - 147479144

08-28-2004, 07:04 PM	#3
toddler Confirmed User Join Date: Jun 2002 Location: austin, tx Posts: 1,911	as a matter of liability, I'd say yes. I seem to recall there being many many LLC's around here, with a few s corps thrown in as well. C-corp....not many here would warrant the pain of that. __________________ http://www.flickr.com/photos/zoddler/

08-28-2004, 07:13 PM	#8
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	Incorporation is easy and cheap. and something that you should do. Talk with an attorney, and then incorperate. You can do that part online in some states. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

08-28-2004, 07:23 PM	#9
stevendice Registered User Join Date: Aug 2004 Location: Pennsylvania Posts: 17	Is the paperwork of running a personal corporation a pain in the ass? Should you hire an accountant to look over everything?