From: Roger Beebe (email suppressed)
Date: Sun Feb 17 2008 - 20:22:34 PST
Like Chuck, I'm hardly an expert, but I do own a video store & when
we incorporated, we had to choose whether to incorporate as an S-
Corp, C-Corp, or LLC. These things have some existence both for
federal and state taxes & all required a few easy forms to set up.
(Other options like Sole Proprietorships or Partnerships don't
protect your personal assets.) I ended up setting the store up as an
S-Corp because (vs. the C-Corp) the tax paperwork is easier (since
income shows up on your personal income tax rather than through
corporate taxes) and (vs. the LLC) the S-Corp avoids a 15.3% self-
employment tax. There's much more info here:
http://www.powerhomebiz.com/vol136/structure.htm
Good luck,
Roger
On Feb 17, 2008, at 12:53 PM, Chuck Kleinhans wrote:
> There are different technical/legal things in each state, but
> essentially you can become a company which protects your personal
> assets (e.g. house, savings) from legal predation. Your physician
> and dentist are probably "limited liability" entities....so check
> locally. A full blown nonprofit can pay salaries, but under all
> kinds of restrictions, etc. Others on the list must know a lot
> more than me about nonprofit status.
>
> CHUCK
>
>
>
>
> On Feb 17, 2008, at 9:30 AM, gyoungblood wrote:
>
>> Chuck, this is interesting, but could you elaborate on it?
>> Incorporate who or what, and as what -- profit or nonprofit?
>> G.
>>
>> ----- Original Message ----- From: "Chuck Kleinhans"
>> <email suppressed>
>> To: <email suppressed>
>> Sent: Sunday, February 17, 2008 8:05 AM
>> Subject: Re: [FRAMEWORKS] copyright
>>
>>
>>> in extension of Tetzlaff's remarks:
>>>
>>> If you are going to take a chance and might get sued, it may well
>>> be worthwhile to look into incorporation in your state as a way
>>> to protect your personal assets. Many years ago I was involved
>>> in an underground newspaper on the Indiana University campus
>>> which incorporated as a way of protecting ourselves from various
>>> hostile entities. It was pretty simple and didn't require a
>>> lawyer, just a bunch of forms and payment of a filing fee.
>>>
>>> CHUCK KLEINHANS
>>>
>>>
>>> __________________________________________________________________
>>> For info on FrameWorks, contact Pip Chodorov at <email suppressed>.
>>
>>
>> __________________________________________________________________
>> For info on FrameWorks, contact Pip Chodorov at <email suppressed>.
>>
>
>
> __________________________________________________________________
> For info on FrameWorks, contact Pip Chodorov at <email suppressed>.
__________________________________________________________________
For info on FrameWorks, contact Pip Chodorov at <email suppressed>.