Dream The Impossible Dream - Turn Your Ideas Into Reality.

Written by Noel Peebles


Continued from page 1

So how do you gain profitable ideas?

1. Find something (or a system) that already exists - one that is proven to work.

2. Invent or create something. Most inventions or creations are simply a variation on something that has already been invented or created.

3. Improve on something that already exists. We are all looking for things that are faster, smarter, smaller - we are all looking for innovation and solutions to problems.

When you dare to dream, it is amazing what miracles can be achieved. The trouble is, most people never start dreaming their impossible dream.

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Get Your 100% FREE mini-course "17 Powerful Secrets That Have Made Business Owners Into Millionaires." 100% FREE! Simply send a blank email to: instantsellbusiness@ReportsNetwork.com

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Noel Peebles has bought, developed and sold several of his own businesses, and has been involved with the purchase and sale of many others. He has fifteen years of 'hands on' experience, directing his own highly successful' retail businesses, including franchise marketing and business development. He also has his own public self-storage complex. And, he's traveled extensively to over forty countries.


Incorporating You

Written by Elena Fawkner


Continued from page 1

Do that, andrepparttar court will "piercerepparttar 117757 corporate veil" in a heartbeat, thereby exposing you to full personal liability onrepparttar 117758 grounds thatrepparttar 117759 corporate structure is nothing but a sham designed to unfairly protect you from personal liability.

It is also particularly important that you follow all corporate formalities such as those set out inrepparttar 117760 by-laws, passing board and/or shareholder resolutions for major decisions and holding annual meetings ofrepparttar 117761 shareholder(s) to electrepparttar 117762 directors and directors' meetings to elect repparttar 117763 officers.

Also, don't thinkrepparttar 117764 "corporate veil" will protect you from criminal acts such as filing a false income tax return, because it won't.

SO HOW DO I GET MONEY OUT OF THE BUSINESS?

You are paid byrepparttar 117765 corporation as an owner/shareholder inrepparttar 117766 form of dividends and/or as an employee inrepparttar 117767 form of a salary.

CORPORATION OR LLC?

While both corporations and LLCs limit your personal liability, there are differences between states when it comes to how other states' LLCs are treated in this regard. By contrast, corporations are treated uniformly when it comes to personal liability. Especially if you're operating an Internet-based business where you can be transacting with people from pretty much anywhere, forrepparttar 117768 greatest certainty concerning your personal liability, a corporation is preferable to an LLC.

One ofrepparttar 117769 advantages of an LLC as a business entity is that repparttar 117770 profits and losses ofrepparttar 117771 LLC "flow through" torepparttar 117772 personal income tax return ofrepparttar 117773 members. However, if you make a "subchapter S" election when formingrepparttar 117774 corporation (thereby forming an S-corporation), you can achieverepparttar 117775 same result.

S-CORPORATION or C-CORPORATION?

Althoughrepparttar 117776 S-corporation's profits and losses flow through torepparttar 117777 shareholders (rather thanrepparttar 117778 S-corporation being taxed as a separate entity as inrepparttar 117779 case of a C-corporation), S-corporations are limited to 75 shareholders and, generally, those shareholders must be U.S. citizens or resident aliens.

You would therefore not be able to have foreign shareholders with an S-corporation (but you can with a C-corp), which may be an issue, particularly for Internet-based businesses with shareholders from various countries.

Also, you cannot have multiple classes of shares with an S- corporation so this will not work if you want to issue preferred shares, for example. You'd need to form a C-corporation instead.

WHAT'S INVOLVED?

Forming a corporation is a relatively straightforward matter (at least for an attorney) and shouldn't cost you more than a few hundred dollars depending onrepparttar 117780 complexity ofrepparttar 117781 corporate structure. Most attorneys would charge between $500 and $1,000 for a straight C or S-corporation.

At its simplest, a corporation can have a single director and shareholder with that same individual holding each ofrepparttar 117782 three required offices (president, secretary and treasurer). (If a corporation has three or more shareholders it must have a minimum of three directors but if it has fewer than three shareholders, it may haverepparttar 117783 same number of directors.)

Your attorney will prepare and file articles of incorporation with your State's Secretary of State, and then prepare by-laws and organizational minutes. You'll need a Federal Employer Identification Number (SS-4) fromrepparttar 117784 IRS and, if you have more than one shareholder, a buy-sell agreement to ensure thatrepparttar 117785 shares do not pass to shareholders unacceptable torepparttar 117786 other shareholders.

Your attorney will also attend to annual filings withrepparttar 117787 state (a statement of officers and directors is usually required to be filed every one or two years) and make sure you stay in compliance with state corporate requirements (such as annual minutes etc.).

Takingrepparttar 117788 time and trouble to think aboutrepparttar 117789 legal structure of your business may seem like overkill when all you're doing is running a fun little business out of your spare bedroom in your spare time. But fun little businesses have a way of becoming very unfunny major headaches when things go wrong. No matter how small or fledgling your business is, do yourself and your family a big favor and at least think about incorporating. What may seem like a pleasant past-time today could be anything but tomorrow.

------ ** Reprinting of this article is welcome! ** This article may be freely reproduced provided that: (1) you includerepparttar 117790 following resource box; and (2) you only mail to a 100% opt-in list.

Here'srepparttar 117791 resource box to use if reprinting this article:

------ Elena Fawkner is an attorney and editor of A Home-Based Business Online ... practical business ideas, opportunities and solutions forrepparttar 117792 work-from-home entrepreneur. She offers discounted, fixed-rate legal services to her ezine subscribers and site visitors withinrepparttar 117793 United States. http://www.ahbbo.com http://www.ahbbo.com/legalhelp.html



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