|RE: incorporation||<– Date –> <– Thread –>|
|From: Rob Sandelin (Floriferousmsn.com)|
|Date: Fri, 31 Jan 1997 09:30:46 -0700 (MST)|
Although I am NOT a lawyer, I have been told that pretty much every state in the union has a local form of incorporation. This can be to your advantage because it sheilds your personal assets from liability. For example, say you purchase a site and then you get a judgement against you for some reason for a million dollars. As a corporation, you are only liable to the extent of the assets of the corporation. As a partnership, you are liable to the extend of ALL your personal assets and thus would have to declare personal bankruptcy. I reccomend you incorporate and don't forget to file income taxes for the corporation, they are due March 15th, Not April 15th. You can not be a 501 C 3 and not pay taxes. A good tax accountant will tell you what income is taxable. Buy their advice once, then you can file correctly yourself forever more. Rob Sandelin Northwest Intentional Communities Association Sharingwod
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