My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 2020 with at least $3 million.

By Topics

0. About (10)
1. My Progress (139)
2. Car & Home (107)
3. Credit (138)
4. Banking (33)
5. Saving (49)
6. Investing (308)
7. Taxes (89)
8. Spending (74)
9. Misc (97)
A. Archive (49)


Feb 2014 (3)
Jan 2014 (6)
Jan 2012 (1)
Apr 2011 (1)
Mar 2011 (1)
Feb 2011 (1)
Jan 2011 (1)
Dec 2010 (1)
Oct 2010 (1)
Sep 2010 (1)
Aug 2010 (1)
Jul 2010 (1)
Jun 2010 (1)
May 2010 (1)
Apr 2010 (1)
Mar 2010 (6)
Feb 2010 (2)
Jan 2010 (7)
Dec 2009 (3)
Feb 2009 (4)
Jan 2009 (8)
Dec 2008 (1)
Jun 2008 (2)
May 2008 (2)
Apr 2008 (5)
Feb 2008 (3)
Jan 2008 (15)
Dec 2007 (32)
Nov 2007 (6)
Oct 2007 (8)
Sep 2007 (9)
Aug 2007 (24)
Jul 2007 (2)
Jun 2007 (1)
May 2007 (3)
Apr 2007 (4)
Mar 2007 (4)
Feb 2007 (13)
Jan 2007 (6)
Dec 2006 (3)
Nov 2006 (7)
Oct 2006 (7)
Sep 2006 (6)
Aug 2006 (4)
Jul 2006 (10)
Jun 2006 (1)
May 2006 (3)
Apr 2006 (2)
Mar 2006 (6)
Feb 2006 (6)
Jan 2006 (3)
Dec 2005 (1)
Nov 2005 (9)
Oct 2005 (8)
Sep 2005 (13)
Aug 2005 (25)
Jul 2005 (16)
Jun 2005 (17)
May 2005 (19)
Apr 2005 (20)
Mar 2005 (24)
Feb 2005 (23)
Jan 2005 (36)
Dec 2004 (40)
Nov 2004 (34)
Oct 2004 (17)
Sep 2004 (21)
Aug 2004 (59)
Jul 2004 (37)
Jun 2004 (31)
May 2004 (29)
Apr 2004 (52)
Mar 2004 (49)
Feb 2004 (49)
Jan 2004 (31)
Dec 2003 (48)
Nov 2003 (52)
Oct 2003 (29)
Sep 2003 (8)
Aug 2003 (5)
Jul 2003 (2)
Jun 2003 (2)
May 2003 (5)
Apr 2003 (2)
Mar 2003 (2)
Feb 2003 (3)
Jan 2003 (29)


Form Your Small Business Nice and Easy

Contributed by mm | November 21, 2005 4:01 PM PST

If you think it takes a few grand and a lawyer to get a legal identity your small business, you are wrong. Unless you have a complex and very profitable business, in which case you'd better ask for professional's help, frming a small business, no matter in the form of LLC, LLP, S corporation or C corporation, is an easy job you can even do it yourself with nominal cost and some personal time.

Even when it comes down to the DIY path, there are two ways to get it done: a nice way and an easy way.

A nice way involves you buy some DIY materials and spend hours to do it yourself (and get it right). A quick search on Amazon will turn in dozens of books teaching you to do it DIY. For example: Ultimate Book of Forming Corps, LLCs, Partnerships & Sole Proprietorships only sells for $15.61 anew, and it gives you step-by-step guide for forming your business, and even operating tips after your formation. If you are willing to spend dozens of hours following the book meticulously and making sense of everything, you should be able to have your corporate identity set up with less than $150 (extra expenses primarily involves some state filing fees and postage).

If filing in the correct way is very important to you, and you are not very sure you can do a dozen steps correctly by yourself, spending a little more money (and considerably less time) is your easy way to go. A search of phrases like "LLC", "incorporate business" and "S corporation" gives you tens of online sites that will help you get the filing done. I actually followed the second path and chose to help me setting up a C corporation in the state of Delaware. Amazingly, the process only involves you supplying some basic information as names and contacts of officials and intended scope of your business (which you can write a generic "all activities allowed by law") and you are done.

The site offers a basic $99 plan that completes the actual filing, a $229 plan for some extra perks like expediated service, corporate kit and seal, and a useful resource CD, and a high-end $349 plan that helps you to get your tax ID and S corporation status and more perks like overnight shipping. (All the above prices do not include state fees.)

You don't even have to pay this much: following this link for U.S. Chamber of Commerce members and you can get $35 to $100 off each package. I followed the link and picked up the second package, and it only cost me $154 + $89 state fee to get the job done for a total of $243. (Hint: You don't have to be a U.S. Chamber of Commerce member to use this link.)

The actual process took about two weeks and will send you the formation documents, the kit and the seal. I know makes a fat margin on this, but it at least saved me ten hours and is well worth it.

You will still have to complete a couple more tasks. First off, you will need to obtain a tax ID for your business. You can do it online at IRS's web site here. Once you submit your information, you will be given a provisional Employer Identification Number (EIN) immediately, and IRS will notify you in two weeks if there are any issues with your application.

The second task involves you bringing your Article of Incorporation and the EIN to your bank of choice to open a business checking account. I went to my local credit union, which I have been doing business for three years, and got the checking account in about 30 minutes.

Still, it takes some time and energy to stay on top of the regulatory requirements like regular board meetings, annual tax filing and annual reports along the way (especially if you incorporate as a C corporation). For this, I'll rely on BizFiling's comprehensive BizComply tool to make sure I meet all requirements.

Running a small business is an interesting business, and I'm glad I'm off a good start.

This Post Has Received 68 Comments. Share Your Opinions Too.

guest Commented on November 22, 2005

Does prepare an LLC Operating Agreement if you form an LLC? I've heard that without an OA, one risks piercing of LLC liability in court.

FO Commented on November 22, 2005

Excellent post, MM. I am curious -- do you think it's worth starting an S Company, proprietorship, or LLC if your planned revenue for the first year is less than $1,000? In your case, before forming the company, did you get any revenue from your activity, and if you did, were there any issues that came up during tax time, dealing with expenses, etc. that made you wish you had set up a company first?

Caitlin Commented on November 22, 2005

good info...thanks for posting it

MM Commented on November 22, 2005

FO: Yes, last year I received some sideline income from Google and other advertisers at PFBlog and I expect to continue to receive such revenue, and this is the primary driver for this tax discussion series. Tax on self-employment income is pretty significant, considering the self-employment tax and income tax. Now that I'm looking at low five figures sideline income for 2005, it does make sense for me to deploy some tax strategies.

To answer your question, no, I don't think it is worthwhile to set up a businese entity for less $1,000, but if you expect the revenue to grow significantly in coming years, it's a different question.

Bennyanymn Commented on February 27, 2017

wh0cd287609 [url=]buy albendazole online[/url] [url=]buy prednisone[/url] [url=]vermox[/url] [url=]cephalexin no prescription[/url] [url=]doxycycline[/url]

Bennyanymn Commented on February 28, 2017

wh0cd562359 [url=]buy abana[/url] [url=]tricor[/url] [url=]zovirax[/url] [url=]xalatan ophthalmic solution[/url]

Bennyanymn Commented on March 2, 2017

wh0cd531672 [url=]trileptal[/url] [url=]viramune[/url] [url=]zyrtec[/url]

MichaelNub Commented on March 20, 2017

wh0cd870324 [url=]valtrex generic[/url] [url=]clomiphene for sale[/url] [url=]viagra[/url] [url=]motilium[/url]

Bennyanymn Commented on March 21, 2017

wh0cd335983 [url=]cialis[/url] [url=]helpful resources[/url]

TracyNuami Commented on March 29, 2017

wh0cd2528 [url=]purchase prednisone[/url] [url=]generic for avodart 0.5 mg[/url] [url=]price of advair[/url] [url=]buy cialis[/url]

CharlesLiede Commented on April 1, 2017

wh0cd386108 [url=]amoxicillin[/url] [url=]get more information[/url] [url=]celebrex 200 mg[/url] [url=]vardenafil[/url]

AaronSit Commented on April 2, 2017

wh0cd564109 [url=]prozac online[/url] [url=]generic cialis[/url]

CharlesLiede Commented on May 18, 2017

wh0cd561676 [url=]indocin 50 mg tablets[/url] [url=]generic drug for lisinopril[/url] [url=]triamterene[/url] [url=]amitriptyline[/url] [url=]viagra[/url]

KennethCed Commented on June 9, 2017

wh0cd908250 [url=]cleocin 300 mg[/url] [url=]citalopram by mail[/url] [url=]buspar[/url]

CharlesLiede Commented on June 14, 2017

wh0cd506210 [url=]anafranil by mail order[/url] [url=]Motilium No Prescription[/url]

Bennyanymn Commented on August 1, 2017

wh0cd960587 [url=]buy rimonabant[/url] [url=]buy inderal[/url] [url=]lasix no prescription[/url]

KennethCed Commented on August 23, 2017

wh0cd927237 [url=]look at this[/url] [url=]order tamoxifen[/url]

MichaelNub Commented on September 14, 2017

[url=]cymbalta 20 mg[/url] [url=]phenergan dm[/url] [url=]bupropion online[/url] [url=]clonidine hydrochloride 0.2 mg[/url]

CharlesLiede Commented on September 15, 2017

[url=]kamagra[/url] [url=]cymbalta[/url]

MichaelNub Commented on September 15, 2017

[url=]seroquel[/url] [url=]proscar[/url]

MichaelNub Commented on September 26, 2017

[url=;100mg;dosage;for;animals]celebrex 100mg dosage for animals[/url] [url=*Gabapentin*Treat*Oesteoarthritis]can gabapentin treat oesteoarthritis[/url] [url=*prescriptions]topiramate prescriptions[/url] [url=]styplon benefits[/url] [url=]medadate clonidine[/url] [url=]effects of seroquel like a blackout[/url]

MichaelNub Commented on September 27, 2017

wh0cd368166 [url=]sildenafil citrate[/url] Sildenafil Citrate

CharlesLiede Commented on September 30, 2017

wh0cd171318 [url=]rocaltrol[/url] [url=]prednisolone[/url] find out more [url=]cytotec[/url] how much is misoprostol [url=]valtrex[/url] [url=]prevacid[/url]

Brettlix Commented on October 1, 2017

wh0cd474024 [url=]buy revia[/url] revia [url=]vardenafil[/url]

MichaelNub Commented on October 3, 2017

wh0cd368166 [url=]Cheap Diflucan[/url] web site

AaronSit Commented on October 4, 2017

wh0cd29559 [url=]buy ampicillin[/url] ampicillin [url=]buy cafergot online[/url] buy cafergot [url=]robaxin 500[/url] [url=]arimidex weight loss[/url] arimidex [url=]Cafergot[/url]

MichaelNub Commented on October 4, 2017

wh0cd29559 [url=]buy diflucan[/url] Buy Diflucan Online [url=]Omeprazole[/url] nexium 40mg [url=]lasuna[/url] lasuna [url=]elocon cream[/url] elocon topical cream

MichaelNub Commented on October 4, 2017

wh0cd29559 [url=]Amitriptyline[/url] Amitriptyline Sale [url=]alesse[/url] buy alesse [url=]synthroid 100 mcg[/url] WHERE TO BUY SYNTHROID

AlfredCaf Commented on October 4, 2017

wh0cd29559 [url=]motrin pills[/url] [url=]valtrex[/url] buy valtrex [url=]dapoxetine 60mg[/url] [url=]avana[/url] super avana

Bennyanymn Commented on October 4, 2017

wh0cd29559 [url=]tetracycline[/url] tetracycline online without prescription [url=]tretinoin cream[/url] where to buy tretinoin [url=]diclofenac[/url] buy diclofenac [url=]viagra prescription[/url] [url=]yasmin[/url] yasmin ocella

chenlixiang Commented on January 8, 2018


ThomasSteak Commented on March 5, 2018

200 mg viagra too much
viagra without a doctor prescription
buying generic viagra online safe
[url=]viagra without doctor[/url]
viagra men sale
viagra online
efectos secundarios viagra 100mg
[url=]order viagra online[/url]
can you buy viagra boots

Nebteseidews Commented on March 5, 2018

a viagra [url=][/url] is it safe to take viagra at 19

Bryancrync Commented on March 6, 2018

viagra enlargement pills
viagra without a doctor prescription
viagra 4 sale
[url=]viagra without doctor[/url]
womenra sildenafil 100mg tablets
buy viagra online
buy natural viagra uk
[url=]buy viagra[/url]
comment utiliser viagra 100mg

Frankmaw Commented on March 6, 2018

where to buy pfizer viagra
viagra without a doctor prescription
viagra generico rischi
[url=]viagra without prescription[/url]
online pharmacy viagra australia
viagra online
best generic viagra
[url=]buy viagra online[/url]
viagra unterschied generika

Jeffreynigma Commented on March 6, 2018

order viagra cheap online
viagra no prescription
can you buy viagra at walgreens
[url=]viagra without a doctor prescription[/url]
viagra nz buy online
viagra online order india
[url=]buy viagra[/url]
viagra sale women

SergioSlirl Commented on March 7, 2018

safe places to buy viagra online
viagra without prescription
viagra generico alcool
[url=]viagra without prescription[/url]
best place to buy viagra online
buy viagra online
ordering viagra online legal
[url=]buy viagra online[/url]
sildenafil super aktiv 100 mg

RichardHek Commented on March 7, 2018

viagra 120 mg
viagra online
dubai viagra where can buy
[url=]buy viagra[/url]
comprar viagra generico mais barato
generic viagra
como comprar viagra ou generico
[url=]generic viagra online[/url]
generic viagra compared real viagra

Edwardruing Commented on March 7, 2018

viagra cialis generika kaufen
buy viagra online
viagra for sale over the counter
[url=]buy viagra online[/url]
where can i buy viagra over the counter
generic viagra online
cheapest place to buy viagra
[url=]buy generic viagra online[/url]
easiest way buy viagra

MorganAcabe Commented on March 8, 2018

CVS Pharmacy
Best Online International Pharmacies
priceline pharmacy
buy medication without an rx
discount pharmacy

Robertben Commented on March 8, 2018

buy viagra cialis in australia
online viagra
buy steroids viagra
[url=]buy viagra online[/url]
getting viagra in vegas
buy generic viagra
viagra mit rezept online
[url=]generic viagra online[/url]
half price viagra

Stephendiave Commented on March 14, 2018

buy cialis in mexico
generic cialis tadalafil
buy genuine cialis online
[url=]cialis generic[/url]
cialis tablete srbija
online cialis
cialis discount australia
[url=]cialis online pharmacy[/url]
cialis buy

TrevorCah Commented on March 15, 2018

Hi would you mind letting me know which web host you're working with? I've loaded your blog in 3 completely different web browsers and I must say this blog loads a lot quicker then most. Can you suggest a good web hosting provider at a fair price? Many thanks, I appreciate it!
[url=]viagra australia[/url]
generic 500mg viagra
viagra over counter

CanadaCah Commented on March 15, 2018

Excellent way of explaining, and pleasant post to get data concerning my presentation focus, which i am going to convey in school.

overseas pharmacy forum
[url=]best canadian pharmacies[/url]
canadian pharmacies without prescriptions
discount canadian pharmacies

Trombromo Commented on March 15, 2018

[url=]viagra coupon[/url]
generic viagra prices medix

Trombromo Commented on March 16, 2018

[url=]gra online[/url]
viagra generic virga

MatthewACOUH Commented on March 16, 2018

50mg viagra
online viagra
retail price viagra cvs
[url=]buy viagra online[/url]
safe take 2 50mg viagra
generic viagra online
viagra as diet pill one day perhaps
[url=]viagra generic[/url]
usa viagra sale

Stephenven Commented on March 16, 2018

compare prices sildenafil citrate
se necesita receta medica para comprar el viagra
[url=]viagra online[/url]
viagra online legality
generic viagra
where do you get your viagra
[url=]viagra generic[/url]
can buy viagra italy

CanadaCah Commented on March 16, 2018

If you would like to take a great deal from this paragraph then you have to apply these strategies to your won blog.

canadian meds
[url=]canadian pharmacy no prescription[/url]
canadian prescriptions
canadian pharmacies online prescriptions

Trombromo Commented on March 17, 2018

virga bisagra

Trombromo Commented on March 17, 2018

[url=]generic viagra prices[/url]
viagra side effects viagra generic

Trombromo Commented on March 17, 2018

potenzmittel viagra coupons

RandyJab Commented on March 18, 2018

cs online
adobe creative
creative writing prompts
[url=]adobe cs6 master collection[/url]
adobe creative cloud インストール
adobe photoshop cs5
creative memories
[url=]photoshop cc[/url]
free adobe download

JimmyAlOla Commented on March 18, 2018

cheapest 20 mg cialis
buy generic cialis online
buy generic cialis in usa
[url=]generic cialis tadalafil[/url]
cialis pills for women
cialis online
best place to buy cialis
[url=]online cialis[/url]
cialis cheap canada

MichaelSusty Commented on March 18, 2018

order generic cialis india
generic cialis online pharmacy
order cialis from mexico
[url=]generic cialis tadalafil[/url]
cialis fake pills
cialis online pharmacy
cheap female cialis
cheap cialis online

RandyJab Commented on March 18, 2018

flash professional cs6
adobe creative cloud download
acrobat reader
[url=]creative suite[/url]
adobe acrobat pro
adobe photoshop cc
adobe creative cloud sign in
[url=]adobe photoshop lightroom[/url]
adobe torrent

MichaelSusty Commented on March 18, 2018

buy cialis daily dose
generic cialis
can you take 2 cialis pills
[url=]generic cialis tadalafil[/url]
buy cialis in vancouver
buy cialis online
where to get cialis cheap
[url=]buy cialis online[/url]
cialis daily for sale

KevinAbank Commented on March 18, 2018

adobe login
adobe cs6
adobe de
[url=]adobe creative cloud download[/url]
adobe dreamweaver
photoshop cc 2017
creative writing prompts
[url=]adobe photoshop cs5[/url]
http //

Bobbyvox Commented on March 19, 2018

buy brand levitra online
levitra generico
buy levitra online canada
[url=]viagra v levitra[/url]
buy cialis and levitra

RichardMor Commented on March 19, 2018

order cialis no prescription canada
cheap cialis
cialis online best place buy
[url=]cialis tablets[/url]
buy cialis online with no prescription
generic cialis 2018
cialis buy online canada
[url=]generic cialis[/url]
cialis professional 20mg pills

Davidjix Commented on March 20, 2018

cialis 2.5 mg genericocialis marseille francais cialis generic
cialis 2.5 mg vs 20 mgcialis sans ordonnance canada cialis generic
cialis classe therapeutiquecialis generico irlanda buy cialis online
que es cialis tadalafilwheres the best place to buy cialis buy cialis online
Cialis suave para la mujercialis low dose for bph cialis generic
super activo cialis 20mg australiacialis puede fallar cialis without a doctor prescription
muestra gratis de cialisis o viagracialis 50 mg for sale buy cialis online


Bobbyvox Commented on March 20, 2018

buy levitra in canada
levitra soft tabs
cheaper viagra cialis levitra
[url=]best levitra prices[/url]
order levitra online cod

Bobbyvox Commented on March 20, 2018

purchase cheap levitra
levitra pill
generic levitra cheapest prices
buy viagra cialis or levitra

Trombromo Commented on March 22, 2018

[url=]viagra tablets[/url]
viagra on line no prec viagra ohne rezept auf rechnung

Trombromo Commented on March 22, 2018

[url=]viagra pills[/url]
sildenafil citrate sildenafil citrate 100mg

Trombromo Commented on March 22, 2018

[url=]viagra for sale[/url]
viagra on line viagra online

Trombromo Commented on March 22, 2018

what is viagra viagra online

Trombromo Commented on March 22, 2018

[url=]generic viagra[/url]
buy generic viagra viagra generic

Add Your Comments

Remember personal information?

(It will take a few moments for your comment to be published. Please do not close the window until then.)

Read More ... 97 Posts In The Same Category

This page was last rebuilt at March 22, 2018 01:56 PM PST. (697 Words)



Consumerism Commentary
Get Rich Slowly
My Money Blog
All Financial Matters
The Simple Dollar


Copyright 2003-2014, All Rights Reserved. (Privacy Policy)