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BBQMAN
BBQ Super All Star
Joined: 13 Jun 2005
Posts: 15475
Location: Florida
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 Posted: Apr 14 2007 Post subject: It's Official: |
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Got my papers back from the State, and we are now officially Incorporated. (I had wanted an Incoperation, but they were not buying the donut tax exemption  ).
Should get my book and shares in the mail the end of the month.
We filed as an S Corp., with the allowed relaxed rules as set by law. similiar to an LLC as far as recordkeeping, but with a few exceptions and the added benefit on self-employement tax. Also offers us greater personal protection than a LLC.
Thanks to all who contributed on this one!  Steven Bates may not know it, but the thread on his business and what happened to him was the #1 reason (that and my CPAs advice)that I got the fire lit under my, umm, smoker! 
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BBQMAN
"I Turned A Hobby Into A Business".
Providing "IMHO" Since 2005.
Last edited by BBQMAN on Apr 08 2010; edited 1 time in total |
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swinebuck
BBQ Fan
Joined: 01 Nov 2006
Posts: 394
Location: Germantown, TN
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BBQMAN
BBQ Super All Star
Joined: 13 Jun 2005
Posts: 15475
Location: Florida
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| Posted: Apr 14 2007 Post subject: |
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| swinebuck wrote: | Congrats Mike INC. See you at MIM.
Thanks
Mike
Swinebuck |
We are really looking foward to it Mike!
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BBQMAN
"I Turned A Hobby Into A Business".
Providing "IMHO" Since 2005. |
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StarsandStripes
BBQ Fan
Joined: 06 Mar 2007
Posts: 385
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| Posted: Apr 14 2007 Post subject: |
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So how were you operating before? Didn't company clients want your TIN for their checks? How did that work?
Question: I'm already incorporated in Texas under a different name. Doesn't it make sense to operate my catering biz as a division of that entity?? It'd save me some cash. It's a definitely a question to ask an attorney but if you could offer an insight... |
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BBQMAN
BBQ Super All Star
Joined: 13 Jun 2005
Posts: 15475
Location: Florida
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| Posted: Apr 14 2007 Post subject: |
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I was operating as a sole proprietorship Starsandstripes.
As far as your situation, I truly wouldn't know. As you suggested, consulting an attourney is your best bet!
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BBQMAN
"I Turned A Hobby Into A Business".
Providing "IMHO" Since 2005. |
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marvsbbq
BBQ All Star
Joined: 15 May 2005
Posts: 6186
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| Posted: Apr 14 2007 Post subject: |
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IFFFF I am not mistaking (and yes, you REALLY need to ask your own attorney) but when I did my INC. as Marv's Marvlus Pit Bar-B-Q INC. I also added Marv's Marvlus Catering. (You can do this for $5 each name and have as many as you want)
So I really belive you CAN add your catering business under your other INC name.
Will be interesting to TRULY find out...So keep us posted.
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marvsbbq
BBQ All Star
Joined: 15 May 2005
Posts: 6186
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| Posted: Apr 14 2007 Post subject: |
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| StarsandStripes wrote: | So how were you operating before? Didn't company clients want your TIN for their checks? How did that work?
Question: I'm already incorporated in Texas under a different name. Doesn't it make sense to operate my catering biz as a division of that entity?? It'd save me some cash. It's a definitely a question to ask an attorney but if you could offer an insight... |
As a sole propritor, your tax ID # is your SSN
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marvsbbq
BBQ All Star
Joined: 15 May 2005
Posts: 6186
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| Posted: Apr 14 2007 Post subject: Re: It's Official: M-N-N BBQ Inc. |
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| BBQMAN wrote: | Got my papers back from the State, and we are now officially Incorporated. (I had wanted an Incoperation, but they were not buying the donut tax exemption ).
Should get my book and shares in the mail the end of the month.
We filed as an S Corp., with the allowed relaxed rules as set by law. similiar to an LLC as far as recordkeeping, but with a few exceptions and the added benefit on self-employement tax. Also offers us greater personal protection than a LLC.
Thanks to all who contributed on this one! Steven Bates may not know it, but the thread on his business and what happened to him was the #1 reason (that and my CPAs advice)that I got the fire lit under my, umm, smoker! |
Welcome to the 'CLUB' BBQMAN. I am in the process (as soon as my son can get to it) adding the 'INC' to my website. I have already added it to my catering program and have just orderd new business cards...OHHH and got my new T-Shirts today and have it on them as well.
Not sure when I will get around to adding it to my vehicles, I will have to have them look at it and see if they need to change the entire lettering or can just replace part while adding the INC. AND how much all will cost..As it is not something we MUST do, it is by choice only to add the INC. But have been told that it adds 'clout' to your business. So the more you can show it, the better.
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Big Mike
BBQ Pro
Joined: 07 Oct 2006
Posts: 863
Location: Dayton, Ohio
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| Posted: Apr 14 2007 Post subject: |
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Mike,
What is the self-employment tax benefit of being incorporated compared to being an LLC?
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Mike
Eagle River BBQ
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marvsbbq
BBQ All Star
Joined: 15 May 2005
Posts: 6186
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| Posted: Apr 14 2007 Post subject: |
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| Big Mike wrote: | Mike,
What is the self-employment tax benefit of being incorporated compared to being an LLC? |
Too much to list, best to check with your own attorney...Most have a FREE 30-60 consolation.
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