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Incorporating....I need your help

By Cheri Smith

Real Estate Agent with Prudential Gary Greene, Cypress TX

August 14, 2007 12:28 PM

I mentioned in another blog that I had read a book called Rich Dad, Poor Dad. In the book he stresses the importance of incorporating to protect your assets. I am curious as to how many of you have done this and if you have any good suggestions. Are there any good books you would recommend on incorporating? Things you did wrong that you wish you'd never done? Is it difficult, expensive, etc? What can you tell me? I'm excited to get started on some of the plans we are making but a little intimidated by all of the info out there that may steer me in the wrong direction. I trust that I will get some good advice from you guys.....so fire away. By the way, I live in Texas, so if incorporating is state specific then let me know that as well. Thanks.

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Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Yes, I did it in 2001, use a CPA to set it up. I have a C corp. All the advantages are in the book so if you have read it you will get it.

A CPA that works with realtors is the best. He will evaluate your finances and determine the correct entity for you.

Aug 14, 2007 12:41 PM

delete me delete me

delete me - Dixon, CA

I haven't read the book but I've wanted to...and I'm also interested in an S corp...not at the moment, but I've always heard those are easier to dissolve if you want to for some reason down the road and there's no double taxation on dividends...but I say go with Missy's recommendation and get a CPA...good luck, let us know how it goes.

Aug 14, 2007 01:13 PM

Robert McArtor

RE/MAX Components - Fallston Maryland - Bel Air, MD

Top Listing Agent for Baltimore and Harford County

I have several LLC's and had a "C" corp. several years ago. It depends on the size business you have. If you are mainly passing your expenses and income through your personal household, I have found that my LLC. is the best for me. My advice would be to contact a local Attorney with current tax knowledge. He/She will help you in setting up the entity that would best benefit you and your business.

"The Bar is there for a reason....now go and rise above it!"

Aug 14, 2007 01:18 PM

Ava Anderson

A-Z Atlanta Realty - Snellville, GA

Selling Atlanta from A-Z!

I am looking forward to seeing the other comments.

Aug 14, 2007 02:16 PM

Cynthia Tilghman, Realtor® Onslow County NC Home Specialist

Kingsbridge Realty, Inc - Hubert, NC

Hi Cheri,
Yes, we are incorporated--did it immediately after starting the business. The best advice, in my opinion, is to talk with you CPA to find out what is best for YOU.

Aug 18, 2007 11:50 PM

Incorporating....I need your help

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Cheri Smith

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