OT- Contractor

[phiscock-g851W1bGYuGnS0EtXVNi6w at public.gmane.org]

The first incorporated company I set up with a lawyer. He screwed it up
(no shotgun clause for dissolution) and there were problems as a result.

The second one I set up myself and it's been fine.

So you *can* do it yourself, and you can also do the accounting yourself.
This can be important when you're starting out and money is tight.

However, when things get complicated (partners, share-purchase agreements,
tax optimization) I'd agree that professional help is a good idea.

Incidentally, when dealing with lawyers and accountants, it's a good idea
to have a very clear idea what you want lawyered and accounted. There's a
huge amount of advice on the web, which can get you started in the right
direction and armed with pertinent questions.

It's also a good idea to find out in advance what the lawyering and
accounting are going to cost. (Often, they do not volunteer this
information and you have to pry it out of them.) Professional services can
be breathtakingly expensive.

Is this taking shape to be a TLUG meeting panel discussion, I wonder?

Peter

> If incorporation is the objective, then you need lawyer and accountant.
>
> In general, the choice of "sole proprietorship" or "incorporation" is
> largely determined by clients.  If they only do business with
> "corporations", then you know what to do.  Aside from accounting and tax
> issues, the most important advantage of incorporation is limited
> liability.  Though, if you're the only shareholder, the only
> executive, and the only employee, then I don't think you can escape
> resposibility as easily.  One thing for sure, you can't escape lawyers
> and accountants.
>
> --
> William
>
> On Mon, Jun 21, 2010 at 11:43:29AM -0400, Renata Rocha wrote:
>> Sorry if it wasn't clear enough - I need to become incorporated.
>> That's it. The howtos I've been reading seem too, hm, complex for me
>> and I'd like something like "go there and do this", for n00bs.
>>
>> On Mon, Jun 21, 2010 at 11:33, Renata Rocha <natzilla-Re5JQEeQqe8AvxtiuMwx3w at public.gmane.org> wrote:
>> > I'd like to know the details on how to start to work as a contractor
>> > for the IT industry - if it's possible to do this FAST and FURIOUS.
>> > I've been told you just need to go to a website, but nobody never gave
>> > me the details. If one of you contractors can send me a howto on this,
>> > I'd be very very thankful. I'll be offering a beer on the next
>> > meeting.
>
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-- 
Peter Hiscocks
Syscomp Electronic Design Limited, Toronto
http://www.syscompdesign.com
USB Oscilloscope and Waveform Generator
647-839-0325

--
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