I want to become a "corporation" and quit being a regular "person"...

[MazeRat7]

Since corporations basically have all the rights of people (in terms of being an entity) but none of the responsibility... would it be possible to incorporate myself? Hence sheltering my home and family from liability and getting many of the tax perks awarded to corporations and not people. I would settle for a limited liability corp, but am open to suggestions.

Furthermore, while I doubt this can really be done, if it was possible...then when millions of average americans "became" their own corporation...corporations would then need to be made illegal (or at least redefined which would be fine too).

MZr7

[texpatriot2004]

1. Me too. n/t

[Kagemusha]

2. You can incorporate yourself. But you stay a person...

...so you're still stuck with the responsibility.

[MazeRat7]

4. Doh!!!

[Carla in Ca]

11. You know, I've often wondered if we all

declared our homes as churches we could file for the property tax exemption that the Falwell, Robertson, etal gets.
Or perhaps the law would then be changed so they had to pay like the rest of us.

[MazeRat7]

14. That was also my point.. the ultimate protest

When everyone is taking "advantage" of the law, then they will have to change the law to make it more "favorable" to the few. It certainly would shake things up a bit wouldn't it ??? :0

MZr7

[thinkingwoman]

3. go right ahead

who's stopping you?

[brokensymmetry]

5. Easily done.

Go visit the law library - probably one is available in your county's courthouse. Copy the necessary information for the articles of incorporation and bylaws. Then visit your state's Secretary of State and pay several hundred dollars.

You now have a corporation! You can transfer your assets to the corp, and could even have the corporation accept payments for work done, and then pay you wages.

The problem is...you and I couldn't afford accountants and tax attorneys. Nor could we afford the lawyers to keep the corporate form in order. So we'd wind up paying more tax than we do as individuals, and plaintiffs would pierce the corporate veil rather quickly.

I think you'll find that the rules work really well for someone with a hundred million or so...and not at all well for the rest of us.

Imagine that. :evilfrown:

[MazeRat7]

10. True.

Actually, I have setup two in my life so I do know the process. However, the "veil" is the part that I/we can't afford. I know professionals such as doctors, lawyers, etc do this all the time... Maybe this is worth a few nights doing research, but mostly it was a passing thought.


MZr7

[linazelle]

15. If you've done this before, why didn't you remain incorporated?

Weren't you "protected?"

:shrug:

It sounds like an interesting prospect. I'm just wondering why you gave it up if it's so promising.

[MazeRat7]

16. Wasn't just for me.

First time I was a partner in forming a company which went under. Second time after the business got going we sold it.

MZr7

[Wapsie B]

13. Ah yes.

Those with the $$$ write the rules.

[Canuckistanian]

6. Yeah, I want to write off 90% of my taxes!

Big, fat bonuses, tax-free land! And have congressmen write laws for me! Or better yet, I'll write them myself!

Yeeeeee-Haaaaaw!

[TaleWgnDg]

7. Uuummmmm, in all seriousness, try this website . . .

.
nolo.com . . . these guys have been around for years; however, due to the nature of their website, they've also (prudently) posted this message on their legal disclaimer webpage:

Legal Information Is Not Legal Advice
This site provides information about the law designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice -- the application of law to an individual's specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
http://nolo.com/disclaimer.cfm

.

[Deja Q]

8. Same here!

[Yupster]

9. So incorporate

It only costs a couple hundred bucks.

[Berserker]

12. Talk to your accountant

It's very easy to do. I have done it in the past. All you have to do is own your own business.

[DemocratSinceBirth]

17. I Own A One Man Business And It's Incorporated

The only benefit I see is that my personal finances are separate from my business's finance but even this can be "pierced" in certain instances...