<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=us-ascii"> <TITLE>Message</TITLE> <META content="MSHTML 6.00.6000.16544" name=GENERATOR> <STYLE></STYLE> </HEAD> <BODY bgColor=#ffffff> <DIV><FONT face=Arial color=#0000ff size=2></FONT> </DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008>William --</SPAN></FONT></DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008></SPAN></FONT> </DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008>I am doing this for the same reason. Less taxes and more income through dividends. My accountant has offered to take me through the second step, converting the corporation to an S-Corp, but I think he is resisting getting involved before that. Perhaps I should just ask him outright if he would be able to accomplish what your accountant did for you. That would be ideal.</SPAN></FONT></DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008></SPAN></FONT> </DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008>The concept of issuing, but not selling, stock for a company that has but a single board member, the owner, seems way too complicated to me. But then taxes and the government were never meant to be easy. </SPAN></FONT></DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008></SPAN></FONT> </DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008>Thanks for the tip on your banking. I was concerned that I would actually have to have my customers write out checks payable to Blah-Blah-Blah, Inc. Knowing that they can still write them out to me as long as I deposit it in the business account is nice to know.</SPAN></FONT></DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008></SPAN></FONT> </DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008>-- Geoff Sykes, RPT</SPAN></FONT></DIV> <DIV><FONT face=Arial color=#0000ff size=2><SPAN class=125393021-19032008>-- Los Angeles</SPAN></FONT></DIV> <DIV><FONT face=Tahoma><FONT size=2><SPAN class=125393021-19032008><FONT face=Arial color=#0000ff> </FONT></SPAN></FONT></FONT></DIV> <DIV><FONT face=Tahoma><FONT size=2><SPAN class=125393021-19032008></SPAN></FONT></FONT> </DIV> <DIV><FONT face=Tahoma><FONT size=2><SPAN class=125393021-19032008></SPAN></FONT></FONT> </DIV> <DIV><FONT face=Tahoma><FONT size=2><SPAN class=125393021-19032008></SPAN></FONT></FONT> </DIV> <DIV><FONT face=Tahoma><FONT size=2><SPAN class=125393021-19032008> </SPAN>-----Original Message-----<BR><B>From:</B> pianotech-bounces@ptg.org [mailto:pianotech-bounces@ptg.org] <B>On Behalf Of </B>William R. Monroe<BR><B>Sent:</B> Wednesday, March 19, 2008 6:08 AM<BR><B>To:</B> Pianotech List<BR><B>Subject:</B> Re: Incorporation questions<BR><BR></DIV></FONT></FONT> <BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px"> <DIV><FONT face="Bookman Old Style" size=2>Geoff,</FONT></DIV> <DIV><FONT face="Bookman Old Style" size=2></FONT> </DIV> <DIV><FONT face="Bookman Old Style" size=2>I, in large part disagree with some of the other responses.  I know for me being an S-Corp has been significantly beneficial on a number of fronts no the least of which is that I keep much more of my income every year (pay less payroll, collect some dividend).  Of course, I'll assume you've figured this already as you don't seem to be asking if Incorporation is worth it, just how to do it.</FONT></DIV> <DIV><FONT face="Bookman Old Style" size=2></FONT> </DIV> <DIV><FONT face="Bookman Old Style" size=2>My Accountant took care of the entire process for me: filing the papers for stock issuing, establishing the board (all one of me), Filing the business name papers, etc.  I never once worked with an attorney that I recall.  Perhaps my accountant did on my behalf I don't know.</FONT></DIV> <DIV><FONT face="Bookman Old Style" size=2></FONT> </DIV> <DIV><FONT face="Bookman Old Style" size=2>My clients write checks either to my business name (I have established both Checking and Savings accounts for the business) or to me.  Doesn't matter.  What matters is that you deposit all those checks into your business accounts first as a matter of course.</FONT></DIV> <DIV><FONT face="Bookman Old Style" size=2></FONT> </DIV> <DIV><FONT face="Bookman Old Style" size=2>As far as paperwork goes, for me it really doesn't amount to much work.  I file some quarterly reports and of course annual filings - which my accountant handles.  The additional paperwork is maybe an extra hour per quarter.</FONT></DIV> <DIV><FONT face="Bookman Old Style" size=2></FONT> </DIV> <DIV><FONT face="Bookman Old Style" size=2>Hope that helps some.</FONT></DIV> <DIV><FONT face="Bookman Old Style" size=2></FONT> </DIV> <DIV><FONT face="Bookman Old Style" size=2>William R. Monroe</FONT></DIV> <DIV> </DIV> <DIV><FONT face="Bookman Old Style" size=2></FONT> </DIV> <DIV><FONT face="Bookman Old Style" size=2></FONT> </DIV> <DIV><FONT size=2><FONT face="Bookman Old Style">SNIP</FONT></FONT></DIV> <DIV><FONT size=2></FONT> </DIV> <DIV><FONT size=2><FONT face=Arial><SPAN class=500182305-19032008>Today's questions are directed to those among you who have actually gone through the process of starting a corporation and then converting it to an S corporation.</SPAN></FONT></FONT></DIV> <BLOCKQUOTE dir=ltr style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px"> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008></SPAN></FONT> </DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008>: What, exactly, is the process?</SPAN></FONT></DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008>: Did you do it yourself, or did you hire an attorney? </SPAN></FONT></DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008>: Changing from Sole Proprietor to Corporation, how do you cover the question of stocks and board meetings?</SPAN></FONT></DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008>: What about creating a business "name" that ends in Inc., Corp., or Ltd.? To whom do your tuning clients write their checks to?</SPAN></FONT></DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008></SPAN></FONT> </DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008>I've found all the forms. And even though there are only about three really basic items being asked for on them, I find myself overwhelmed with questions and procedures regarding the process of actually acquiring and/or creating those items.</SPAN></FONT></DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008></SPAN></FONT><FONT face=Arial size=2><SPAN class=500182305-19032008></SPAN></FONT> </DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008>So I guess my only real question is: How did you do it?</SPAN></FONT></DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008></SPAN></FONT> </DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008>-- Geoff Sykes, RPT</SPAN></FONT></DIV> <DIV><FONT face=Arial size=2><SPAN class=500182305-19032008>-- Los Angeles</SPAN></FONT></DIV></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>