Liability & Legality

**LeeD** · 06-26-2006, 09:47 AM

I was in it for the asset protection more than anything. I do know realize that there is plenty of tax benefit to this as well.

**petertdavis** · 06-26-2006, 11:43 AM

Protection of personal assets, and tax benefits. Certainly NOT so I could go around calling myself "CEO Peter" which is something I've seen a lot of kids doing in other forums. lol

**wyrmblight** · 06-26-2006, 05:27 PM

Again, tax benefits and protection of personal assets.

**Frito Pie** · 06-26-2006, 06:18 PM

Liability protection and tax benefits. I think Peter should be called CEO Peter. I think it has a ring to it.

I would call myself CEO Frito but I doubt that Frito Lay and PepsiCo would like that.

**nwingate** · 06-27-2006, 08:59 AM

Liablilty for me. Hopefully there will be some tax advantages later on but I have to make some more money before that comes into play.

**imported_Anthony** · 06-28-2006, 09:24 AM

I'm yet to incorporate purely due to the income band which I fall in, also being in full time education at University, time is hard to come by when I'm not freelancing.

Its definitely something I wish to do in the short term future for liability issues.

**Erwin** · 06-29-2006, 07:19 PM

Quote:

Originally Posted by Lee

I was in it for the asset protection more than anything. I do know realize that there is plenty of tax benefit to this as well.

Exactly for the same reasons.

**John** · 06-29-2006, 07:52 PM

Quote:

Originally Posted by petertdavis

Certainly NOT so I could go around calling myself "CEO Peter" which is something I've seen a lot of kids doing in other forums. lol

Can we call you CEO Peter here? :clown:

**Zane** · 06-29-2006, 07:55 PM

I really want to incourporate. However, I'm legally to young. As well as this i need to build up more revenue. I'm going to make this my priority as soon as im old enough and rich enough

Aurum postestas est !

**imported_Ack** · 06-30-2006, 02:31 PM

I organized as an LLC, not a corporation. I did it for the liability protection. My research showed that there would be little if any tax benefit for a corp over an LLC. Did I miss something? Why a corp over an LLC? (besides putting "CEO" in your forum sigs?)

**Karl89.co.uk** · 06-30-2006, 04:24 PM

I'm looking to launch all my services sometime before Christmas, when I turn 18 in February I'm going to make my company a Ltd.

I want to build up some good quality websites and services as well as having some good revenue flowing so I can support my business and take it forward.

Not sure about calling myself a CEO though.

**Andreas Bard** · 06-30-2006, 08:00 PM

One of the big reasons are certainly the tax advantages.

//Andreas

**ForgottenCreature** · 07-01-2006, 01:46 PM

What kind of tax advantages do you guys get for incorperating? My income bracket on the web is low $xx,xxxx a month and I am wondering if I should look into this.

**Bagel50** · 07-01-2006, 02:02 PM

@ Karl - think CEO is kind of an american term along with company president etc etc. Not really into that kind of thing... more used to MD etc here. On company registration here in the UK you name directors, anyway, IIRC.

**Dr. Domaining** · 07-01-2006, 02:43 PM

All of the above.

**Samir** · 07-06-2006, 03:58 AM

Mainly for Liability protection. That way, no one can sue and take more than what I've put in. That does happen.

**ltn1dr** · 07-06-2006, 08:51 AM

I formed my LLC to: 1) Protect from liability, 2) Tax benefits, 3) because its cool to say you own a company

**Atomm** · 07-07-2006, 03:47 PM

ForgottenCreature,

Check out the audiobook Rich Dad's Advisors: Own Your Own Corporation. It really outlines the differences and the advantages vs disadvantages of each.

You can buy the book, but it is somewhat dry material, so I found listening to be a bit easier to take.