Questions tagged [incorporating]

The tag has no usage guidance.

16
votes
6answers
3k views

Indie Software Developers - How do I handle taxes?

I apologize if this is the wrong site to post on, perhaps someone could point me to the proper place if it is not. Hello, I am 17 years old and currently develop applications/games for Android and ...
8
votes
2answers
679 views

Figuring S-corp taxes - salary vs. dividends

I am working on a business plan for a small business I'm going to be starting in the near future. I am going to incorporate as an S-corp. One of the line items on the business plan I have to present ...
6
votes
2answers
566 views

Is it possible for a new company to issue dividends in it's first operating year / month? (UK)

One of the more popular tax structures I keep hearing about, is using a company for revenues, which then pays dividends for it's sole owner. According to HMRC, in this case, the following tax ...
5
votes
6answers
25k views

Which is better when working as a contractor, 1099 or incorporating?

When working as a contractor, is it better to work as a 1099 contractor or rather incorporate as a C, S or LLC corporation? (with one employee/owner/board member) (assuming that the pay is the same ...
4
votes
1answer
710 views

Is it possible to claim EI while contracting

My friend has been terminated from a full-time job recently by his employer due to Work Force Reduction. He is eligible to apply for claiming Employment Insurance from next month. Meanwhile he got a ...
4
votes
4answers
385 views

Will my current employer find out if I have a sole proprietarship/corporation?

I am currently employed by a large Canadian corporation. I'm also in the planning stages of bootstrapping my own small company. The two are in unrelated industries, but it could be argued that there ...
4
votes
2answers
3k views

Creating S-Corp: Should I Name My Wife as a Director/Shareholder?

I am creating an S-Corp for consulting services. I will be the sole employee for now, and likely for the foreseeable future. I am trying to figure out initial shares for the corporation, which will ...
3
votes
1answer
97 views

Deadline for Electing S-Corp Status — What does it mean?

Got a new gig as a contractor, and I am considering forming an S-Corp for various reasons. I have seen a few references to the deadline for electing S-Corp status being March 15th. One example: ...
3
votes
1answer
97 views

Just incorporated. Can I transfer my last personal paypal payout to my new business account?

I have an online business since 2009 and used to report the income as personal income. 3 months ago I finally incorporated my business but due to complications (and my lack of experience), it took ...
3
votes
1answer
283 views

Should an independent mobile game developer incorporate a business?

The story is thus: I am on the verge of publishing my first app, but I was thinking whether I should incorporate or not. I am an accounting student, albeit in second year with a budget of $1000. I am ...
3
votes
1answer
2k views

Is it worth incorporating, when working in Canada as a contractor for an employer in the US?

Assume a Canadian contractor is working remotely from Canada for a US based contracting company. Is it advisable to incorporate, in Canada, in this situation? Also, once incorporated in Canada, is it ...
2
votes
1answer
140 views

Why big clients want the contractor to be incorporated before giving them work

Why do banks and other companies in Canada that employ independent contractors to do IT work insist that the contractor be incorporated, as opposed to a sole proprietorship?
2
votes
1answer
192 views

California resident, Delaware C-Corp - Taxes for 1-person software freelancer?

I'm a one person software contractor / freelancer / app store developer who lives in California (although I spend most of my year traveling to other places). I incorporated a Delaware c-corp earlier ...
2
votes
1answer
103 views

Trading options as a salaried individual Vs as a business?

Please consider the following information before answering: I have a full time job where I earn more than $90,000 per year I have been trading options for the last 2 years and have made between $10K-...
2
votes
0answers
155 views

Stop filing federal annual return (Canada)

I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
1
vote
1answer
78 views

Where is my principal place of business UK based?

I am in the process of setting up a company and trying to research everything before making the first step. Though I do not live there, I intend to register the company at my parent's address so that ...
1
vote
1answer
83 views

How much income justifies incorporating into an LLC?

In the state of Washington, it is easy and cheap to start an LLC with basic liability insurance. I have a small software consulting operation that I use for hobby money, but I'm not sure at which ...
1
vote
1answer
50 views

Do I need to be a shareholder in a single person corporation (in Ontario)?

I am researching various options as I self incorporate my business. As the incorporator, I am also the only director. Do I need to assign shares to myself immediately? I haven't yet decided between ...
1
vote
2answers
114 views

Can credit worthiness be transferred from me to a business?

I'm interested in incorporating in order to put my rental business under a business umbrella. Right now it is just me (no business papers, but I report income to the IRS). I am wondering: can my ...
1
vote
1answer
89 views

What are the costs to maintain an Inc? [closed]

I am wanting to form an Inc for an internet website like Facebook or Twitter and I am running it out of my home for now. I would want to register my startup in the state of Delaware and I am in ...
1
vote
1answer
745 views

How to set up my business as a self-employed contractor

I am a full time employee in New York City who does contract work on the side. Next year, I would like to set up a business for myself for this, with the expectation that I might become a full-time ...
0
votes
1answer
219 views

When to register for a bank account for a C-Corp with no official money

In Feb this year, I registered a C-Corp for administrative purposes only (for things that require a DUNS number, e.g., to get an Apple Enterprise Dev account, etc) and have thus far not passed any ...