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I live in NC and want to incorporate but through my research I've found that Delaware, Nevada, Wyoming, and Florida are the best states to incorporate with Delaware being the most often used when companies incorporate. I plan to create a C Corp so I can allow for lots of growth. I'd just like some input from those that may have more knowledge on the matter.
Are you capitalizing with millions of dollars, lots of shareholders, dozens of employees and large tracts of real estate? Unless you can say yes to all of these, then make it easy on yourself and incorporate as either an LLC or a Subchapter S. Do it as your local courthouse and save yourself a huge amount of misery.
Mind you, I don't know what kind of business you are starting. But I am 99% sure you don't want a C Corp. But do yourself a favor and ask a good accountant.
There is no reason to rush into a C corp. Call you local state and file an LLC or S corp. Here in Virginia it cost me $100 a year. Both these entities give you some liability protection and an S corp gives you protection and tax advantages.
Example:
If you make $100,000, but only need $60,000 of income. You report your income to the IRS and the remaining $40,000 as a dividend. The dividend is not taxed with social security and medicare. This will be about a $6,120 a year savings on that $40,000 if you file as an s corp. Hope this helps.
Another S corp here. Also remember that if you incorporate in another state, you will likely still have to report in your state of residence or business as a "foreign" corp.. Absolutely START with a good CPA to guide you and do at least the initial reporting.
Another S corp here. Also remember that if you incorporate in another state, you will likely still have to report in your state of residence or business as a "foreign" corp.. Absolutely START with a good CPA to guide you and do at least the initial reporting.
Yes indeed. I wouldn't start any business bigger than a lemonade stand without a good CPA's advice. Not a bookkeeper. A CPA.
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