Incorporate Your Business When To Do It And How 1st edition by Robert Cooke ISBN 0471669520 978-0471669524
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Product details:
ISBN 10: 0471669520
ISBN 13: 978-0471669524
Author: Robert A. Cooke
With real-world examples, charts, and tables, this handy guide will help you calculate the benefits of incorporation for your business—before you decide to take the leap. For small business owners, with Incorporate Your Business you’ll master all the fundamentals, including:
- Overall benefits of incorporation
- Tax changes under incorporation
- Various types of corporations
- Completing all the paperwork correctly
- Setting up a corporate structure
- Electing officers and setting up the board
- Holding important organizational meetings
Table of contents:
CHAPTER 1 Why Should I Incorporate My Business?
What a Corporation Is, and What It Is Not
Who Starts and Who Owns a Corporation?
Reasons to Incorporate Your Business
Limiting Your Liability for Business Debts
Liability of Stockholders Who Are Also
Employees of Small Corporations
Save Payroll Cash by Incorporating
Tax Savings
Prestige of a Corporation
Ease of Transferring Ownership
Reasons Not to Incorporate Your Business
Corporations and Other Business Forms Are Too Complicated
Corporations Cost Too Much to Set Up and Operate
My Business Is Too Small to Incorporate
A Corporate Form Does Not Entirely Protect Professionals
CHAPTER 2 How Incorporating Can Result In Tax Savings
Tax Savings In a Corporation? Maybe
The Organization of this Chapter
An Example of Tax Saving from a Corporation
Some Background, Concepts, and Explanations
How Your Business Tax Picture Changes When You Incorporate
How a Sole Proprietorship Is Taxed
How a Corporation Is Taxed
Double Taxation of Corporate Profits
How to Cope with Double Taxation of Your Corporation
Pay Dividends Between May 6, 2003 and December 31, 2008
Keep Earnings in the Corporation
Pay Salaries to Stockholders/Employees
The IRS Position on Salary Levels for Stockholder/Employees
Pay Interest to Stockholders 28
Alternative Minimum Tax on Corporations 29
What If the Corporation Has a Net Loss Instead of Net Taxable Income? 30
S Corporations
How Stockholders Take Profits out of an S Corporation
The Disadvantages of an S Corporation
Type of Stockholders
Number of Stockholders
Use of the Corporation’s Loss, If It Has a Bad Year
Flow-through of Certain Tax Attributes to the Stockholder
S Corporations Are Limited to One Class of Stock
When to Use an S Corporation
CHAPTER 3 The Alternatives to Forming a Corporation
Sole Proprietorship
General Partnership
Limited Partnership
Limited Liability Company (LLC)
Other Entities With Limited Liability of the Owners
Passive Losses
Which Business Form Best Attracts Investors to Your Enterprise?
CHAPTER 4 How to Structure a Corporation
The Basic Corporation
Assets, Liabilities, and Equity
How to Invest In Your Corporation
Debt versus Equity
The IRS Position on Debt versus Equity
How to Invest In Your S Corporation
Keep Control of Your Corporation If Possible
CHAPTER 5 Planning Your Corporation
Do-It-Yourself Incorporation
Using Professionals
Choosing an Attorney
Choosing an Accountant
Planning the Specifics of Your Corporation
Decide on the Size of the Initial Investment in the Corporation
Size Your Investment to Qualify for Treatment as a Small-business Corporation
Who Will Be the Owners (Stockholders) of Your New Corporation?
Determine How Many Shares of Stock Will Be Authorized and Issued
Determine What the Price per Share of Stock Will Be
Determine Who Will Be the Directors and Officers, and Assign Duties
Prepare a Pre-incorporation Agreement
Determine Who Will Be the Incorporator(s)
Select a Resident Agent for Your Corporation
Have All Prospective Stockholders Sign a Stock Subscription
Determine the State in Which You Will Incorporate
Choose a Name for Your Corporation
Determine If You Can Use a Simplified Procedure
Prepare a Pre-incorporation Agreement
Prepare a Stockholders’Agreement
CHAPTER 6 Steps to Create and Run Your Corporation
Steps to Forming Your Corporation
Initial Action the Incorporator(s) Should Take
Hold Organizational Meetings
Organizational Meeting of the Stockholders
Organizational Meeting of the Board of Directors
Register Your Corporation with the Internal Revenue Service (IRS)
Register Your Corporation with Your State’s (and Any Foreign State’s) Tax Authorities
Elect S Status for Your Corporation If That Is Your Decision
Pay Particular Attention to the Initial Corporate Income Tax Return
Steps to Keep Your Corporation Alive
Hold the Annual Stockholders Meeting Every Year
Hold an Annual Board of Directors Meeting Every Year
Special Meetings of the Board of Directors (or of Stockholders If There Is No Board of Directors)
Live Your Corporate Life as If You Meant It
Nonprofit Charitable Organizations
APPENDIX A Useful Forms
APPENDIX B Useful Addresses
APPENDIX C Short Course in Corporate Finance Terms
APPENDIX D Glossary
INDEX
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Tags: Incorporate, Your Business, Robert Cooke