<div> Wim:<br> <br> <font face="Arial, Helvetica, sans-serif">That bit of information is dead wrong. The benefit of the corporation in this instance, or LLC for that matter, is that it stands as the "body", legal entity in place of you. A person's personal assets are protected, and the assets of the corporation are those that are vulnerable in a suit.<br> <br> Paul<br> </font></div> <blockquote style="border-left: 2px solid blue; padding-left: 3px;">if you did do something wrong, a customer could sue you AND the corporation</blockquote> <div> <br> </div> <div> <br> </div> <div> <br> </div> -----Original Message-----<br> From: Willem Blees <wimblees@aol.com><br> To: pianotech@ptg.org<br> Sent: Wed, 19 Mar 2008 8:22 pm<br> Subject: Re: Incorporation questions<br> <br> <div id="AOLMsgPart_2_9b22d537-93a8-4bb6-ae30-92aacfd99bcf"> <wbr>Geoff<br> <br> Have you asked your lawyer about the liability situation. I don't remember the details but if I recall, it doesn't do any good for you to be incorporated, because if you did do something wrong, a customer could sue you AND the corporation. What will protect you is to put your house, savings, etc. in both you and your wife's name. As long as it is jointly owned, it can't be touched. At least that is what I remember. But check with your lawyer on this.  <br> <br> <div style="clear: both;">Willem (Wim) Blees, RPT<br> Piano Tuner/Technician<br> Honolulu, HI<br> Author of <br> The Business of Piano Tuning<br> available from Potter Press<br> <a href="http://www.pianotuning.com" target="_blank">www.pianotuning.com</a></div> <br> <br> -----Original Message-----<br> From: Geoff Sykes <<a href="mailto:thetuner@ivories52.com">thetuner@ivories52.com</a>><br> To: 'Pianotech List' <<a href="mailto:pianotech@ptg.org">pianotech@ptg.org</a>><br> Sent: Wed, 19 Mar 2008 11:59 am<br> Subject: RE: Incorporation questions<br> <br> <div id="AOLMsgPart_2_fc666da8-0696-468a-90a8-7e5f7dc81112"> <div><font color="#0000ff" face="Arial" size="2"></font> </div> <div><font color="#0000ff" face="Arial" size="2"><span class="125393021-19032008">William --</span></font></div> <div><font color="#0000ff" face="Arial" size="2"><span class="125393021-19032008"></span></font> </div> <div><font color="#0000ff" face="Arial" 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 color="#0000ff" face="Arial" size="2"><span class="125393021-19032008"></span></font> </div> <div><font color="#0000ff" face="Arial" 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 color="#0000ff" face="Arial" size="2"><span class="125393021-19032008"></span></font> </div> <div><font color="#0000ff" face="Arial" 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 color="#0000ff" face="Arial" size="2"><span class="125393021-19032008"></span></font> </div> <div><font color="#0000ff" face="Arial" size="2"><span class="125393021-19032008">-- Geoff Sykes, RPT</span></font></div> <div><font color="#0000ff" face="Arial" size="2"><span class="125393021-19032008">-- Los Angeles</span></font></div> <div><font face="Tahoma"><font size="2"><span class="125393021-19032008"><font color="#0000ff" face="Arial"> </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> <a href="mailto:pianotech-bounces@ptg.org">pianotech-bounces@ptg.org</a> [<a href="mailto:pianotech-bounces@ptg.org?">mailto:pianotech-bounces@ptg.org</a>] <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> </font></font></div> <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="border-left: 2px solid rgb(0, 0, 0); padding-right: 0px; padding-left: 5px; margin-left: 5px; 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></div> <div id="u8CA5840042DAF75-10B0-4575" class="aol_ad_footer"><font style="color: black; font-family: ARIAL,SAN-SERIF; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"><hr style="margin-top: 10px;">Planning your summer road trip? 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