Incorporation...

[Masterchafed]

So, I'm here with a business idea, and no idea what to do with it. lol.

First off, I'm an 18 year old from Colorado, I'm very computer literate, i design graphics, websites, and am taking two programming courses out of high school.

I have a business idea involving an item i find particularly interesting, and one that i think could make a lot of money. Now, to avoid liability issues and the heavy taxes involved with becoming a sole proprietor, i thought making an incorporated business would be the best way to go. I already know of one supplier that can wholesale to me after I were to get my business started, as in, verified and trade marked under my name. Im thinking Tyler's *product name here* Inc. or something along those lines, not quite sure yet.

I would like to know everyones ideas on this subject.



Tyler

[jeremylorino]

Go ahead and incorporate. Pay for an hour of consulting with an accountant and lawyer. Even if you don't have your entire business plan in order those two steps will no doubt be included.

Next get out there and waste some money and fail. Edison had 1000 failed attempts at the light bulb.

[Masterchafed]

im asking for help, and there is a fine line between constructive criticism and being an asshole, thanks for the great experience though. I wont be back to these forums. I'd much rather go see some adults with some insight.

[CIsaac]

Tyler,

Visit your state SCORE office or their Small business development center and gather all the paperwork they will give you (and it will be a lot). Next, do some research on your own about how companies within your industry have positioned themselves. Then find a business development consultant; one who will not just draft generic plans but help you through the planning process. They should be able to incorporate your business and/or refer you to a lawyer.

And when you incorporate your business, be sure that you do it in a way where you can get a tax id number because most wholesalers will require that you have that.

[bthompson6472]

You should consider incorporating in Delaware for tax purposes. Did you know that if you incorporate in Delaware you can take advantage of options not offered when incorporating in other states?

[IZ1]

You should consider incorporating in Delaware for tax purposes. Did you know that if you incorporate in Delaware you can take advantage of options not offered when incorporating in other states?

Please don't try to give advice if you have o idea what you're talking about. Incorporating in Delaware has noting to do with taxes.

Delaware has a special court system for corporations that is very business friendly. Large companies incorporate there to avoid as much litigation as may be possible.

For any small company it will make provide no benefit.

Go Blue Hens!