OT contracting and incorporation

[JoeHill]

phiscock-g851W1bGYuGnS0EtXVNi6w at public.gmane.org wrote: 

> > It protects you from creditors to some extent. The business can go
> > bankrupt without you personally being on the hook to the company's
> > creditors. Again, governments are immune from this -- if a failed
> > company owes taxes they will come after the directors personally if the
> > company's assests aren't enough. In particular, collecting taxes and not
> > remitting (ie, sales tax or employee deductions) is a real no-no.
> >  
> It should be mentioned that a sole proprietorship is much simpler
> financially than an incorporated company. A corporation is a separate
> entity so it must file its own tax return. The return is short but the
> guide is 120 pages long! Some people do their own corporate return but in
> general you'll need an accountant and that's an additional expense.

Amen.

That's the mistake I made. Also, if you incorporate, as opposed to a sole
proprietorship, it is somewhat unpleasant if you ever want to dissolve the
corporation.

According to my accountant, dissolving the corporation would entail the
government crawling up your butt with a high power microscope (not his exact
words, some embellishment...). Now I just go in every year and pay him a
hundred bucks or so to file a return for a dormant corp, until someday when it
is resurrected and my plan to take over the world using Linux comes to fruition.

-- 
JoeHill
++++++++++++++++++++
Fry: "I'm not prejudiced." 
Bender: "Ah, save it for the cross-burning, Adolf." 
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