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Incorporating in Pennsylvania

M

Monel Funkawitz

Diamond Member
I'm working on a small business, and I plan on incorporating. What are the pros and cons of incorporating? My filer is charging around $250 to do the paperwork for me. Is there a yearly fee? How does tax work? Will my taxes go up? It will be a limited liability company. Is there good/bad points to this? How much yearly paperwork is involved? How hard would it be for a Joe Schmoe average dood to run? Is there insurance requirements?

I know people here have started small businesses, and I was hoping they could shed some light for me. I have no idea what this involves.
 
LOL,Monel,call a few lawyers,initial consulation is usually free pr cheap.If that doesn't work just brng your new "toy"
into city hall and I'm sure they'll give ya anything you want ! 😀
 
Just thought of this... PA should have a small business administration. Bet they have all kinds of info. If its not in the book, call the main gov. number in Harrisburg, and they should route you to the right office.
 


<< Incorporate in New Jersey. No corporate taxes. Why do you think 80% of all corporations are based out of New Jersey? >>




Ummmm isn't that Delaware?
 
Cap'n -

Where do you get your 80% figure for NJ? There is no way that figure is even close to accurate.

Delaware is where it is at due to very favorable laws (but there are high costs to incorporate).
 


<<

<< Incorporate in New Jersey. No corporate taxes. Why do you think 80% of all corporations are based out of New Jersey? >>




Ummmm isn't that Delaware? >>



Yeah it is Delaware
 
Instead of incorporating, have you considered an LLC(limited liability corporation?)
 


<< Cap'n -

Where do you get your 80% figure for NJ? There is no way that figure is even close to accurate.

Delaware is where it is at due to very favorable laws (but there are high costs to incorporate). >>



http://www.state.de.us/corp/

My mistake, its Delware and the percent of corporations in Delware is 50% or 60% depending how you look at it...
 
PA Department of State

LLC

That should help answer a few of your questions. As to the attorneys fees, that is cheaper than what I ususally charge. Pro of incorporating: insulation from liability. Cons: double taxing, more paperwork. You dont have the double taxing problem with an LLC as it is not a corporation. It does not require a ton of paperwork, anyone that is organized and capable of filing their own tax return can handle this. At worst, have your attorney do it for you for a nominal annual fee.

 
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