OT contracting and incorporation

[John Van Ostrand]

keith wrote:
> Incorporations can carry a significant start-up cost. Laywers,
> accountants etc., are not offering services for free (1/2 hour free
> consult is a sales pitch IMHO). Creating a business plan takes a lot of
> time and effort that might be better spent on advertising and marketing,
> esp. in the early stages where you might get the feeling that you put
> your head on the block and you can imagine the "whoosh" as the imaginary
> axe is about to put your best laid plans to and end.
>   
We incorporated for $300 in 1995 using a kit purchased from a bookstore. 
We had to locate a name search company and use their services. In total 
with the kit it was less than $500 and was done in a day or two.  Since 
then we've had lawyers review our work and make changes.

This may be very suitable for a typical and simple corporation with a 
single shareholder. If you intend to have multiple shareholders you may 
want to consider using a lawyer to provide some protection from 
estranged shareholders in the future.

A business plan is not needed for incorporation but you do need to know 
what you intend on doing. A business plan also doesn't have to cost a 
lot. It can be a spreadsheet showing the expected cash flow and 
financials for the business so that you have an idea what it takes to 
break even or make money.

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