sole prop or corp - Tilted Forum Project Discussion Community

pmkuon · 10-08-2004, 07:06 PM

I receintly put a down payment on a franchise...service busines...that I will begin inf February. There will be no employees besides myself. Are there any advantages to forming a corp? Tax and liability issues come to mind, but after several posts I have concluded that I need all the help that I can get.

keyshawn · 10-09-2004, 04:04 PM

(This is only after taking an ecnomics course, so don't bet the hedge on it)

The primary difference, by incorporating, is protection in the court of law. When incorporated, the person that is suing you, isn't suing you, but rather your company. So, if you would lose a lawsuit, your company's assets - NOT your personal ones like your home, would be leeched upon.

I believe too, that the tax filing is also different as well.

(Waits for an accountant to elaborate upon)

10-08-2004, 07:06 PM	#1 (permalink)
pmkuon Upright	sole prop or corp I receintly put a down payment on a franchise...service busines...that I will begin inf February. There will be no employees besides myself. Are there any advantages to forming a corp? Tax and liability issues come to mind, but after several posts I have concluded that I need all the help that I can get. __________________ wea willis

10-09-2004, 04:04 PM	#2 (permalink)
keyshawn Psycho	(This is only after taking an ecnomics course, so don't bet the hedge on it) The primary difference, by incorporating, is protection in the court of law. When incorporated, the person that is suing you, isn't suing you, but rather your company. So, if you would lose a lawsuit, your company's assets - NOT your personal ones like your home, would be leeched upon. I believe too, that the tax filing is also different as well. (Waits for an accountant to elaborate upon)