Has anyone incorporated?

Just wondering if anyone who makes significant income from their boards has incorporated?

I'm strongly considering it both for liability and asset protection along with possible tax benefits. My friend's tax guy told me to just to get a business license from the county and file for an EIN. Not sure he's all to hip on the latest what's what.

So far LLC looks like the best option. Legal Zoom wants $700 for the full package and there's a bunch of scammy sounding auto-renewing upsells in the process. :-/ I don't need all that I'd probably be better off going with someone local so a) I have someone I can just visit with questions and b) I have someone I can get my mitts on if they screw me.

What about you guys?

 

I earn a full time living with my sites. And at first I use to do the whole sole proprietor stuff. Then I would go to H&R Block to my taxes and would get screwed royally every year. Finally my wife convinced me to use my Uncle-in-law's accountant because he's a small business owner and apparently they specialized in working with us. It was a life saver. They incorporated me as a C Corp and every since then my tax burden has been greatly improved. So you should definitely do it. But have a professional handle it and advise you as to what type of corporation is best for your situation. I totally don't suggest doing this alone via a site like legal zoom. There are some complexities that a professional can guide you through. So that's my take. Either way it's something folks should do when you start making some real money. It's a life saver.

 

Thanks Eddy, I appreciate the input. Everything I've heard says to go with a pro and stay local.

 

You're welcome Big Dan! I just don't want to see you make a huge mistake that will cost you more money than actually paying a professional. So I'm happy to provide the insight. I wish I would have got incorporated a lot sooner in my business. But better late than never! Good luck on that. Let me know how it goes.

 

Thank you. I definitely will keep this thread updated. I put in an email to a buddy of mine who lives upstate (6 hours away) he gave me his accountant's name and I'm going to see if he networks with anyone down in my area.

 

That's a good call. It's better to work with someone's accountant who you have a relationship with. Personal referrals tend to be better than picking someone out of the yellow pages.