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Posted: 3/19/2002 6:48:08 AM EDT
ok then some one walk me thru becoming a corp process. I just went last week to get my TX sales tax use permit and was sent several places then finaly back to the first place I went. Dont want to walk in to that again.. really want to incorp for this main reason but I really dont know how to start.. any help would be appreciated.. Hmm here's an idea, since being incorporated is such a big deal to us here. I think there should be a step by step to a corp for each state... hows that for an idea.. Yeah yeah I know I should pay for a membership for all this great info... tell you what as soon as I get my corp, Ill get a membership ,, see that way its tax deducable [:D] Cluster
Link Posted: 3/19/2002 7:01:01 AM EDT
Which type Corp should you use ? C, Sub S, etc.? Maybe an LLC ? A local attorney should charge about $500 - $600 to prepare the incorporation papers and give at least a little advice on what type Corp may be best for your particular circumstance. As a part of the package you should get the corporate seal and minute book. You'll also have to have periodic meetings, officers, etc. A name search (can you use the name you've chosen?) is also typically a part of the package. Most of us incorporating are doing so, at least in part, to protect personal assets. After incorporation, following procedures will insure that your corporate veil remains intact. Strongly consider getting an attorney.
Link Posted: 3/19/2002 7:07:55 AM EDT
well so far, based on ar15.com members advice I have... 1. Bought a great rifle. 2. NOT bought a car I wanted and now 3. get an attorney was tring to get a way around #3 but why ask for advice then ignore it... Thanks Cluster
Link Posted: 3/19/2002 7:44:51 AM EDT
Link Posted: 3/19/2002 8:09:29 AM EDT
Originally Posted By Aimless: Be sure the attorney explains the tax consequences of each and filing requirements or talk to a CPA about the tax consequences. Incorporate and you should have someone who knows what they are doing do your taxes (at least CPAs are usually more reasonable in their fees than attorneys).
View Quote
The various choices as to type of Corporation brings in to play the tax aspect. (Or the tax consequences may/will directly impact the type Corp chosen.) Aimless is of course correct - a CPA is a part of the team - and their fees 'are' usually lower than the attorney.
Link Posted: 3/19/2002 10:46:39 AM EDT
Well, cluster, step right in to my office! First, you never, ever say that the reason that you want to incorporate is to obtain NFA weapons. Never. Ever. It's against the law! Or at least the ATF's present interpretation of the law. Sort of like obtaining an FFL simply to collect guns, or to sell guns only at gun shows! The reason that you want to incorporate is to continue an ongoing business as a corporation, or to start an investment business. One of the investments that your new company may decide to invest in is NFA weapons. Can you imagine just what a return on investment your company might have been able to realize if it had bought Colt M-16s back in the late 80s when they were going for $1500.00 to $1700.00 each. They sell for $6,500.00 to $8,500.00 now. And they're not making any more of them, at least for civilian consumption, so you can just imagine where prices are going to go over the next several years. I am a corporation and I've never bothered to invest in any NFA stuff, other than maybe a suppressed .22 Ruger pistol or two.[:D] Eric The(Shhh!)Hun[>]:)]
Link Posted: 3/19/2002 10:58:43 AM EDT
cough, cough, did I say Nfa weapons? I meant "to continue an ongoing business as a corporation, or to start an investment business" AKA Beanie Babys... yeah thats it..
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