Friday, October 12, 2007

17 1/2 years and counting.

We have been in business for 17 1/2 years.

When we moved to NH we dissolved the NY Corporation and started the NH Corporation. Some small business owners have no idea how important it is to incorporate. Sometimes people also forget that you have to meet certain requirements when you set up your corporation.

One of the important requirements after you incorporate is to hold monthly meetings of shareholders and directors. My husband and I usually do this over a nice dinner (tax deductible - business meeting) Just remember to keep records and minutes.

Another important requirement is to adopt bylaws. When we started the NH Company we hired a lawyer to take care of all this for us. It was ridiculously expensive. Now small business owners have another option, Incparadise. Incparadise is a company helping small business owners start their own shelf corporations. This day in age, job security does not exist. The only way to be in control of your own future is to be your own boss. It has its down side believe you me. Especially when you work with your spouse ;-0 It also have many advantages but you must do it correctly. I cannot stress how important it is to get some advise and do it correctly.

Incparadise offers you free forms and they can prepare the whole set of documents for only $20-$25. I can tell you from first hand experience this is significantly less than the lawyer charged us for the same work. They have many options to offer: They can get you a tax id number for only $25.00. You can get your tax ID number for free but.... $25.00 is very cheap to have them make sure the form is filled out correctly.

They also have one of the lowest prices for corporate kits. Incparadise has an excellent FAQ section to help you make the best decision regarding incorporating. There are several differences between LLC and Corporations. They will help you decide which one is best for you. (Try this with your lawyer - but only if you have an extra thousand dollars to waste)
Incparadise has their own blog where they try to answer question. You can email them with any questions that you may have.

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