forming a corporation
 

What kind of start-up cost are involved in forming a corporation in the adult biz?

same as in any other biz. fees vary by state. you could be all set up for about 300 bucks on average.

Might be cheaper tax wise to form an LLC.

Nm Llc
 

The best LLC to form is in New Mexico, but you got to have a resident agent there. Not only it is the cheapest place to form LLC, but you don't have the IRS all over you like Nevada does.

Hope this helps!

i was looking at my states fee schedule and it said the original application fee is 175. Do I need a laywer to draw up any forms or anything?

You would want to form an LLC, and yes, you want a lawyer. Most of it's fairly easy, and if you are in a hurry for bank accounts, and such. Go register a DBA with your court in your county (or sec of state).

So you get your DBA papers, go to bank, open your business account.

Next, lawyer and form an LLC (runs about $400-500) most times if a simple filing, no partners, etc.

Third, get your corporate tax ID. There is both a federal and state you would need to get. You do not need this, but it's safer for your privacy, and such as opposed to your SSN floating all over the place.

:pimp

I'm going to have 1-2 partners so the lawyer part would be more expensive?

Correct.

Normally that depends on how you have it structured. I have a PLLC for mainstream biz, an LLC for studio I wholely own both, and then a production LLC which I have a 30% partner.

Luckily the partnership in the LLC is fairly simple, and a single page addendum or whatever explaining he is a 30% limited partner. So it was fairly simple, but I've heard some can get very complicated.

It depends on the complexity, assets, if you have investors, and so forth and so on.

:pimp

realisticly 1K should be good enough or should I set aside more than that?

1k's should be more than enough.

In my area they run from $300-500 normally in talking to other business owners. My partnership was super easy, and had no complications. Just last page addendem. So it was like $450 (lawyer cut deal because of past business).

I'm not sure where you are located, but as long as it's not super complicated, I'd guess $500-750 max.

:thumbsup

awesome! thanks! for once I got a non-asshole that answered my qustions and actually knows wtf he's talking about. :thumbsup

No problem mate. Glad I could help you out. :thumbsup

:pimp

Barefootsies:
 

Barefootsies: Great info! I would really like to talk with you off the board if possible. I too am seeking further info regarding LLC's. My 'home' is in Michigan. I have messaged you on ICQ, my name is 'DyNo' and number is '28259363'.
Hopefully I will get to talk with you soon.
Thanks,

Jim

if you want tax shelter, go for panama or belize:

www.apintertrust.com

if you just want to straight incorporate and want to make the IRS work a bit harder to figure out how much you owe them (and also make all those porn regulations disappear for you a bit more) try a UK based PLC. Its like the LLC in the states but in the UK, people wont be all like oh wtf offshore he's a tax scammer.

the only requirement you must have is 2 local residents i think or 1, but you can get a lawyer to provide that for you.

oh also, incorporation fees in the UK are only $70 versus the lowest incorporation fee in the states of $213, go for UK if you want to do some offshore tax sheltering.

dude, the internet is bullshitting you on incorporation. the state governments provide the forms etc to fill out, all that other junk that is included in incorporations that up the price by $800 are bs, "articles of incorporation", just search on google for a sample, and type up your own and sign it with witnesses. then get a little faggot diary or something from the dollar store and write the "minutes" for your companies first meeting. in your first meeting (you can find all the minimum legal requirements on this stuff if you try about.com or any websites that aren't selling you something) you have to include that "The primary shareholders decided through due process that Mr. Your Name would be president of the corporation, Mr. Your Name would be Secretary and that Mr. Your name would be treasurer. It was thus revolved that the corporation would be directed by Mr. Your Name" "The company director then came to agreement with the shareholders that the business would proceed with efforts into 'Adult Entertainment' in any manner that the company President saw fit" "The meeting was then concluded" signed, directors (you four times next to your jobs, president, secretary, treasurer, shareholder).

In order to benefit more you make your kids secretary, treasurer etc and get them to sign off on your taxes at tax time, that way you can pay them "salaries" (not really) and keep your overall taxes down.

anyways, the articles of incorporation, and first minutes are usually the only things that are legally required for a corporation to exist as its own entity (making you not responsible to creditors).

now doing business might be altogether a different matter, i don't think anyone here has a MUNICIPAL BUSINESS LICENSE which may be required, and these range from $20 to $250. its the internet though and noone cares, but the IRS might screw with you if they audit you and start asking if you are licensed to conduct business in pornography from your municipality.

:thumbsup thanks for the info

Registering a PLC in the UK is quite complex and expensive... but a LTD is quite cheap and straitforward... But beware, shit loads of red tape around owning a company in the UK... I have a dormant company, and my accountant charges me £300 just for having to submit the forms saying its a dormant company....
Funny world though, I'm looking at an LLC in Delaware... all profits are tax free for foreign owned LLCs there..

Check your states website. Most states have the forms online. I did my LLCs on a PDF and printed them, mailed them in with a check and that was that. It really isn't too hard. You may also want to look into a few states that have sales tax benefits like Oregon being that it is close to you. Makes it easy. With an LLC you can also pay taxes on a schedule attached to your 1040 so that you do not have to pay taxes as a company then pay individual taxes for what you pay yourself. Some states charge a flat fee if you do it that way. Here in CA if you claim LLC income on your federal 1040 and state tax form you pay a flat $800 franchise fee per year.

Here is the PDF form for WA --> http://www.secstate.wa.gov/corps/forms/llc.pdf

Fill it out print it and send them 175 bucks. :thumbsup

Contacted. :pimp

:GFYBand

so......just fill that bitch out and I'm good to go?

That will make you a legal LLC within the State of Washington. You will also need to contact the IRS and get a EIN (Employer Identification Number - basically a social security number for a business) so you can open a bank account, etc. You can do an EIN application online. I think their URL is www.irs.gov or you can call them on the phone (800-829-4933). Phone has always been easiest for me. When they ask what sort of business I always say, "internet sales." :thumbsup

I looked in up. Here is the EIN online application - https://sa.www4.irs.gov/sa_vign/newFormSS4.do

you're a pimp man! thanks for the info! :pimp

I used incorporation.com good shit

fees depend on state
you do NOT need a lawyer
fill out the forms and you are done