Friday, October 12, 2007
Corporations 101 for Small Business Owners
Having a small business can get complicated. It can get even more complicated if you incorporate your business. My husband has been considering doing this and we have been doing some research. One thing I almost missed was having a record of company minutes. Did you know that you must hold a meeting with the directors and shareholders once a year? If the IRS audits you, they will request to see your actual company minutes. When your corporation is first set up you need to have a meeting of directors and shareholders. You should adopt bylaws. When your LLC is set up you should adopt an Operating agreement. Then you have to hold meetings each year at the time you were formed. Sounds complicated doesn't it? Incparadise.com helps people like us! First they give out free forms that are helpful. They also will prepare the whole set of documents for only $20-$25.
One thing I really like about this company, is that they are willing to work with their clients. For example: they give you the option of getting your own tax id or paying them $25 to do the work for you. I love that they give you the option to do part of it on your own and to help save money. They do seem to offer some of the lowest rates on corporation kits also. It is a big task taking your small business to the next level and it helps to have a knowledgeable person helping you along. Without Incparadise.com I may have missed having documented those company minutes. In all my research up to date, I have never come across that before. Another thing they have is a nice FAQ section to help you decide on your best option.