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How To Incorporate Yourself Without a Lawyerby J. Stephen PopeYou could save hundreds of dollars by incorporatingyourself without a lawyer. How? Is it advisableto do so?1. This is Not Legal Advice!The only ones who should be giving legal advice arethose licensed to practise law (in other words,only lawyers). This article is not legal advice.If you need legal advice, consult a lawyer.This article is being written
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How to Save Taxes with an S Corporation
Ever wondered why so many small businesses--more than 3,000,000
at last count--operate as an S corporation? Simple. An S
corporation saves business owners big taxes in three separate
ways:
First, as compared to regular corporations (sometimes called C
corporations), S corporation owners can use the business's
losses incurred during the early lean years on the owner's
personal returns as deductions.
For example, suppose
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"S Corporation or LLC?" is a common question for new business
owners. I have several people call me each week asking this.
I always tell them the question is impossible to answer. And
here's why. An LLC is chameleon for income tax purposes.
Therefore, an LLC can be anything the owner or owners (who are
called members) want the LLC to be--including an S corporation.
An LLC with one owner, for
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