Go Incorporate Yourself

[hawkerjock]

Any advice on how to incorporate yourself would be greatly appreciated. I have called a lawyer and they want to charge $700 to do it. Any advice on how to do it myself would be great. Thank you.

 

[Spoolingbyu]

DIY Corporations

Any advice on how to incorporate yourself would be greatly appreciated. I have called a lawyer and they want to charge $700 to do it. Any advice on how to do it myself would be great. Thank you.

HJ,

Not to throw a fan blade through your cabin here but you can't incorporate "yourself." I formed an LLC (Limited Liability Company) in the State of Michigan and the minimum is 2 members (people). I believe corporations require at least 2 as well. You could form a sole proprietorship, like Hawkerjock's Fishing Lures. But you are the sole owner and it does nothing to reduce your liability (which is why I assume you want to do it in the first place).

I was fortunate - Michigan has a government website that had essentially a "wizard" for creating a corp or LLC - the steps were easy to follow and it created the paperwork to print out, sign and mail. Fifty bucks was all it took.

I would avoid the $700 attorney gig, whether done online or in person - I feel it is a rip-off, it doesn't take that kind of expertise to do it, just a little research on your part. Find out what it takes in your state and go for it. Perhaps www.insertyourstatenamehere.gov might be a good start. That way you are only paying the filing fees (much less than $700 usually). Treat yourself to a $600 hamburger afterward for your hard work!

Good luck

 

[CL600Pilot]

There are companies out there that specialize in this sort of thing - www.corporate.com is one of them (and there are many others) - you just fill out a few forms and they file everything that needs to be filed. Most of them are around $200 to $500 depending on what 'package' you get but as was stated before it's not really that hard to do yourself - you just need to do some research before hand.

 

[TransMach]

Incorporation

HJ,

What are you wanting to acheive? Maybe I can help.

TransMach

 

[merlindrvr88]

No Problem

Any advice on how to incorporate yourself would be greatly appreciated. I have called a lawyer and they want to charge $700 to do it. Any advice on how to do it myself would be great. Thank you.

We are doing it ourselves, it is not hard at all. Write me or call me. 928-846-1364. or [email protected]

Sincerely,
Bob Warfel

 

[HMR]

What state are you in? Rules vary state to state. On the advice of my accountant, I recently started my own LLC. I did a fair amount of research. I was going to pay an attorney but saw an ad for Legalzoom.com. I ended up filing through their web-based service.

 

[temcgrew]

In Missouri it is just one form to fill out, I went downtown to the secretary of states office and the only thing they did is run a search on the name I wanted! The fee here is $100. Do not let anyone fill out ONE sheet of paper for you and charge $600 over the price you could do it for! I did it for www.jetreview.com.

 

[Some_Other_Dude]

Forming a LLC

I recently formed a Limited Liability Corp in TX. I am the only member/owner whatever, but it was really easy. I went to the TX Secretary of State office online and they had all the infor I needed.

Good luck.

 

[rice]

Just curious as to why you guys have formed an LLC or incorporated? Is it for a business on the side or is it related to your primary job which I assume is flying? I've been looking at doing something to supplement my income so I'm interested to here what you all do and why you've chosen to form your LLC or Corp.

Thanks!!

 

[DO328FLYER]

Yes you can do it yourself. BUT... if you don't know what you are doing I would advise you to bite the bullet and hire an attorney. If not to form it (that is if you live in a State with easy online forms) then at least to advise you on how to maintain it correctly. Failing to properly maintain and account for your LLC or corporation can negate any liability protection you may think you have. No point in doing it unless you do it right.

 

[JetPilot500]

I recently formed a Limited Liability Corp in TX. I am the only member/owner whatever, but it was really easy. I went to the TX Secretary of State office online and they had all the infor I needed.

Good luck.

I did the same a few years ago. However, I received a letter from the IRS after filing my first tax return.

There is nothing wrong with being a sole member LLC legally. However, the IRS will not allow you to file a corporate tax return. If you remain the sole member, you will have to combine your personal and LLC tax return into your personal tax return. Similar to a Sole Proprietorship. I solved the problem by making my wife a member as well. Still protected by LLC and we still receive the same tax benefits as before since we file jointly.

Good Luck,
JetPilot500

 

[Some_Other_Dude]

Keeping it one member

Actually what I have found is that if you file the correct forms to the IRS, that one can keep the LLC separate, thus maintaining the benefits of the LLC, while keeping single member. Now I must add that I am not a lawyer and maybe this path will get me into trouble. I guess I'll see after filing in 2006.

thanks for the heads up

 

[hawkerjock]

Thanks to everybody who responded. In the end, I was able to incorporate myself with 3 easy forms and $125 thru the Ohio Secretary of State website.

 

[huronplt]

Details?

Just curious as to why you guys have formed an LLC or incorporated? Is it for a business on the side or is it related to your primary job which I assume is flying? I've been looking at doing something to supplement my income so I'm interested to here what you all do and why you've chosen to form your LLC or Corp.

Thanks!!

I'm with Rice. I understand some of the benefits of the Corp/LLC deal. But just how, exactly, are you guys using it in the day to day management of your aviation careers?
Firsthand info or web redirects welcome.
Thank$!

 

[Gulfstream 200]

Im curious too...how does one lessen their tax burden this way?

what types of sidework are you doing where you make enough money to need this or need the LLC protection?

anything i have ever done on the side I got cash for - kinda old school.



just curious as to what you guys do!...I try and steal and cheat every semi-legal way possible on taxes and am willing to try anything!

 

[rice]

..........just curious as to what you guys do!...I try and steal and cheat every semi-legal way possible on taxes and am willing to try anything!

Guess that male stripper/escort thing didn't work out for you???
Maybe if you changed your name to "Bruce" you'd attract a whole new type of client.

 

[Gulfstream 200]

Guess that male stripper/escort thing didn't work out for you???
Maybe if you changed your name to "Bruce" you'd attract a whole new type of client.

your girlfriend seems to be a regular each weekend when your flying.....biatch!!

(leave her a few hundred this friday, please...)





heck, who am I kidding...Im writing this from another foreign dump...

 

[HMR]

Im curious too...how does one lessen their tax burden this way?

what types of sidework are you doing where you make enough money to need this or need the LLC protection?

My business acumen peaked with my newspaper-route in the 7th grade so bear with me...

I was talking to a wealthy buddy a few months ago and he asked me why I don't have an LLC for the contract flying I do. He asked me a few questions about my monthly income and expenses then, 30 minutes later, handed me a sheet of paper showing items I could legally run through the LLC to lessen my tax burden. Without getting the least bit "creative" it showed a net income increase of over $10,000. When I thought about it some more, I realised every person I know who makes LOTS of money (i.e. the people all of us PT91 guys fly for) have LLC's. Once I got the green light from my accountant I started the paperwork.

My job situation is unique so it might not make sense for everyone. Definately worth a call to your CPA or a tax attorney, though.

 

[Gulfstream 200]

My business acumen peaked with my newspaper-route in the 7th grade so bear with me...

I was talking to a wealthy buddy a few months ago and he asked me why I don't have an LLC for the contract flying I do. He asked me a few questions about my monthly income and expenses then, 30 minutes later, handed me a sheet of paper showing items I could legally run through the LLC to lessen my tax burden. Without getting the least bit "creative" it showed a net income increase of over $10,000. When I thought about it some more, I realised every person I know who makes LOTS of money (i.e. the people all of us PT91 guys fly for) have LLC's. Once I got the green light from my accountant I started the paperwork.

My job situation is unique so it might not make sense for everyone. Definately worth a call to your CPA or a tax attorney, though.

OK. I see why for contract work, I suppose you can create many deductions?

But none of the Pt91 guys I work with do contract work. myself included, no interest in it.

I will ask, but was just wondering why everyone here is creating LLC's and how they are making extra bucks.

anyone else?


I might just have to stick with dancing for Rices girlfriends.

 

[rice]

I might just have to stick with dancing for Rices girlfriends.

You aint got enough trunk for all your junk!!!!!!!imp:

 

[Gulfstream 200]

You aint got enough trunk for all your junk!!!!!!!imp:

and you wonder why she is always smiling when you get home from all those weekends and holidays!

someone has to mind that store Rice!...

you know what they say, once you go black......oh nevermind.

imp:

 

[Some_Other_Dude]

Extra Bucks

Well I have been trying to stay active with my non flying time and started to compete in triathlons. This lead me to becoming a coach and I have small triathlon coaching company.

It helps keep me sane!

 

[HMR]

But none of the Pt91 guys I work with do contract work. myself included, no interest in it.

Understood.

Everyone's situation is different. I love contract work because it's good "toy" money and gets me inside an airplane. I have a set schedule of +/- 4 days a month at my full-time gig so a day or two of contract work isn't a burden on the QOL.

FWIW- According to my accountant, the LLC doesn't need to make a profit for you to get the tax benefits. The IRS just needs to see that an effort to be profitable was made. YMMV.