[Aegis]

Just like to hear from you guys who have.

 

[hardworkingstiff]

Just like to hear from you guys who have.

I don't know the rules in Canada, but in the USA, the biggest headache is having meetings and minutes and keeping them up. Most people go to an LLC unless they plan to get larger and maybe sell some stock. Subchapter S is the way to go here (if you are going to incorporate) so income passes through the corporation.

 

[wildleg]

taxes

 

[FrunkSlammer]

More expensive to do than sole proprietor.

It only makes sense if you make a lot of money. You need decent income and expenses to pay an accountant a bunch of money to figure out how to save you money.

 

[Haxwoper]

I agree with Lou about the LLC. It's more protection than a sole proprietorship yet it's just as easy and inexpensive to run. You also have the ability to file at the end of the year as a corporation when you start making enough for it to be worth it.

 

[FrunkSlammer]

LLC does not exist in Canada.

 

[BBQ]

LLC does not exist in Canada.

In your face Canada!

 

[Haxwoper]

LLC does not exist in Canada.

Because Canada is stupid.

 

[oldtimer]

Because Canada is stupid.

You obviously do not mind being on Santa's naughty List ! :laughing::laughing::laughing:

 

[Haxwoper]

You obviously do not mind being on Santa's naughty List ! :laughing::laughing::laughing:

View attachment 32368

I got a perfect image to post here, but I'd probably get perma-banned.




ETA: Wait, I already am :whistling2:

 

[Haxwoper]

Aegis, I'm not sure of the Canadian business rules, but I would think long and hard about the risks of a sole proprietorship if it's as risky as here in the US.

One thing goes wrong, one person decides to sue, and you could lose your house, life savings, kid's college savings, etc.

You see what happens when someone get shocked in a pool.

 

[BBQ]

You see what happens when someone get shocked in a pool.

In Canada?


More likely shocked by a skate sharpening machine.

 

[Rollie73]

In Canada?


More likely shocked by a skate sharpening machine.

HEY........all my skate sharpening machines are well bonded, and GFI protected.
:jester:

 

[Aegis]

In Canada? More likely shocked by a skate sharpening machine.

At least I won't get shot while I'm working up here. The main reason is so that they don't come after me, a few of my buddies are Incorporated and they're recommending it to me. Just thought I'd throw it out on the forum.

 

[Meadow]

Taxes are higher, but you get the ultimate bragging privileges "I own a corporation":brows::icon_cool:

 

[TOOL_5150]

in california, an EC cannot be an LLC

 

[Rollie73]

Just so I get this right......LLC is limited liability corporation??? I'm guessing.

 

[BBQ]

At least I won't get shot while I'm working up here.

:thumbup:


OK, you win.:laughing:

 

[BBQ]

Just so I get this right......LLC is limited liability corporation??? I'm guessing.

Yes.

 

[markore]

I don't know the rules in Canada, but in the USA, the biggest headache is having meetings and minutes and keeping them up. Most people go to an LLC unless they plan to get larger and maybe sell some stock. Subchapter S is the way to go here (if you are going to incorporate) so income passes through the corporation.

This is the straight dope for the US.

Corporations and LLC's are required to pay salaries to employees, so you must pay yourself a reasonable employee salary to pay employee takes on.

With a LLC all profits are taxed at the schedule C rate of 15.3 percent, while a subchapter S corporation can see profits as dividend income / owners equity.