Yours truly recently incorporated.
I’ve often mentioned how much I believe in taking action, but now that’s proof – I named my company Astute Actions Inc. (Now on to something I really want to tell you.)
- Thank you for your early support that led me to jumping into this full time.
- Thank you for pointing out my mistakes and teaching me how to be better.
- Thank you for sticking around to continue our journey to financial freedom.
- Thank you for helping me realize how important taking action is. Now it’s my turn to remind everyone else…
Stop sitting around the TV and TAKE ACTION.
Your finances, career and relationships are all waiting for you to take the next step. We hate to fail but don’t stop trying because you will eventually get it right as long as you never give up. Don’t worry about failure. We are all trying and falling down too.
So. How are you going to spend the rest of the week? If you ask me, I will be picking myself back up to try again.
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{ 11 comments… read them below or add one }
Congrats.
It sounds silly, but it’s true: Having your business formally organized–whether LLC, s-corp, c-corp, whatever–is a neat feeling.
(Though, of course, the decision should be based primarily upon desire to minimize costs, taxes, and potential liabilities–not upon the desire to sound neat!)
Thank you Mike.
You are right. I am a little excited of having established the company instead of the fact that it’s the right thing at this stage of my business.
Congrats!
Just curious though, why did you decide to incorporate as opposed to forming an LLC? Are you planning on issuing shares of stock?
To be truthful, the decision had a lot to do with the fact that my accountant pushed me that way. I am pretty sure it was because she could charge more fees, but she had programs setup for people like me handle all the extra paperwork without much charges. I could change accountants, but I’ve developed a relationship with this one that allows her to share more information with me to help me save on taxes, which more than covers for any additional fees.
Also, there is still a certain population that gives an “Inc” more props than a “LLC”, especially outside of the US where LLC don’t exist, so there’s a marketing benefit when I interact in the real world.
Then, though I have no plans yet, anything to do with stocks or VC investments and what not are more favorable with s-corps. So while LLC is probably easier (paperwork wise), people expand into a s-corp and I just don’t want the hassle of moving over in the future because it’s a huge distraction from the business itself.
So for more paperwork (or in other words, an additional expense) of having a s-corp, I thought it was worth it.
Wow congrats! It’s a big accomplishment and I’m so happy for you!
Thanks for the inspiration! I recently quit my job to pursue my dream of running a business as well and I hope to write a similar announcement in the coming future!
You can do it!
Congratulations David. Wish you success in your journey.
Hey Dave,
Congrats! Gotta love being able to write off all expenses to your income now!
What was your primary motivation for incorporating yourself? Do you recommend others to do the same thing? Finally, what is the ballpark cost to do so?
Thnx!
Thank you.
You can write off your business expense regardless of whether you are a sole proprietor or a s-corp but talk to your accountant to see what you can or cannot write off!
The motivation is primary due to financial reasons, and I would recommend talking to a professional to run the numbers to see which route make sense. Many people charge $800 to file it for you, but you can go to legalzoom or other websites to do it for less than half the cost.
Sounds good David! $800 is not that bad! I shall definitely considerate it sometime end of next year.
Hope great fortune comes with your new venture!