Inc.'d
It's official. I have incorporated the business. There's something strangely satisfying about having done so. I felt the same giddyness when I registered for tax numbers (so that one can collect taxes on behalf of the government, something I take no joy in). But this feels better. I own a corporation.
Having gone freelance back in January, I probably should have done it sooner but felt that running as a sole proprietor would be enough. But now I can set up a business account and really try to keep business expenses separate from personal expenses. It's just going to make life easier come tax time.
The official company name? Snook.ca Web Development Inc.
Queue Peter Gabriel's Big Time...
Conversation
Congratulations Jonathan!
Now next thing you know you'll be selling stock. :P
Congrats!
Wow... I bet that really does feel good. Congrats.
Congrats! How much did the whole process end up costing you?
kasra: It cost about $1000 in total. That includes the lawyer costs, name lookup, and registration fees.
Elliot: the cool thing is that I can! Any takers? :)
"Big Time" rocks!
Don't forget your roots. I get first dibs at stock options.
Congrats dude. :D Always great to see the company name on paper like that.
Congratulations! I went from freelance to working as an LLC a little over four years ago, and it's remained one of the best decisions I've ever made. Even when working with the same clients, I got loads more respect and was able to feel more like an equal instead of just another worker.
Congratz Jonathan!
Good one Jon, I did a similar thing except over here in the UK it's a Limited company (Ltd.). It does feel good to have a "proper" company doesn't it, even if only to separate business and personal finances etc.
Congrats Jonathan (,inc), thats awesome!
Im up for some stock....
Well done, Jon. I can now say that I know a CEO on a first name basis :> Have a good weekend.
Congrats, Jon! Very well done indeed.
Snow white pillow for your big fat head?
Congrats.
Most of the stuff you can end up doing yourself, you really don't need a lawyer to handle it. Just make sure you are doing research in the subject.
Know the difference between an LLC and a Class C corp definitely, and also check our Class S corps for some tax advantages.
Total cost for that...at least in TX...$300, and if you do it online...you can typically get everything back within 30 minutes. They send you a pdf that will act as your certificate of incorporation.
Getting a tax id is even quicker, and free.
Most of the states are cheaper then TX for corporation registration.
@Eugene
Here is an interesting free chapter of the book Talent Is Not Enough: Business Secrets For Designers
on cash flow. You do not have to re-invent the wheel.
Congrats Jonathan! Hope all bodes well for you and your company :)
Congrats Jonathan and good luck!
Congrats! :).
PS: I'd also like to thank you for all the times I've really enjoyed your tips and never replied--shame on me.
Congratulations!
n don't ignore update this site:)
Congratulations Jon!
I've been wanting to incorporate for a while now. I just haven't taken those steps yet. I don't know if it's just the fear of success or what.
Matt Turner: "big fat head." You sound like my wife. She often wonders how I make it through the door.
Eugene Cook: I could have avoided the cost of a lawyer and done it online myself for about $250 but I didn't want to take any chances. I figured the expense will be worth it in the end.
Hey congratulations!
These are your first steps into becoming a big, bad corporation!
Just kidding, congratulations Jonathan!
Congratulations Jonathan - enjoy the mini power trip that comes with it ;)
Now that you're a technology company and don't have to worry about troulesome things like income, I can see a big bonus to the CEO this year.
Toutes mes félicitations Jonhy Boy! May your new company road be paved of gold.
For my part, It only reminds me to stop procrastinating on it ;)
Congrats! Perhaps you could go into some of the details or pros and cons for those of us who are contemplating similar decisions.
Are there any benefits of doing this?
Good going on it though ;]
Congrats Jonathan! It's good to be in a business. Good luck with it!
Congratulations with your brand new Inc ;)
In response to #31, Miles Johnson:
A corporation is it's own legal entity -- You can't recover debts held by the company by going to the owners of the company. They're completely seperate, with different bank accounts. In a proprietorship or partnership, if the company buys $10,000 of inventory and can't pay the bill, the bank can take the money from Jonathan personally. In a corporation, the bank can seize the company's assets, but Jonathan can't be held responsible himself (even though he owns the company 100% and he purchased the items for the company) so his belongings (house/car/pets/etc) are safe.
There's other reasons for doing so, but that's the major reason most individuals go with a corporation.
I don't know Ontario law but I incorporated for easily under $400! I suppose the lawyer fees were a good portion of the $1000?
Congratulations nonetheless.
-Brett Mitchell