incorperate

[Fairbanks]

hey guys . is it alright to incorperate when you have about 20-30 customers and are doing alright , just so I can have a full time employee ? or is there another way to do something so i don't have to have a partnership?

just wondering

Evan

[jgc8fan]

The biggest deal regarding having employees is that you have to carry workman's comp insurance. The reason my friend offered me a partnership in his business (besides the fact that I would have gone on my own before working FOR him) is that as owners we are exempt from workman's comp. A partnership is the easiest way to go, but I'd keep the equipment and other assets in your name so that the partner isn't entitled to any of that if they decide to leave. The only thing our business has in the company name is the bank account. Make yourself the director so you can have sole control over the bank account if you request it. The worst that could happen is that you'd have to give up whatever percentage of the money in the account up if the partnership ends. Just starting out you'll probably find that you won't be keeping that much in the account anyway (I think we have $7.99 in ours at the moment. LOL), so it wouldn't be a catastrophe until you grow enough to have large amounts in the account.

[Fairbanks]

hey thanks.

[jgc8fan]

We got paid. LOL Just starting out this year we haven't been able to build up any money in the account. After expenses, insurance, credit payments, and such. We even worked the first 2 months without paying ourselves to try and build up the account, but it all got ate up in start up expenses. We are trying to leave some back when we can, and are just getting enough business rolling to do that finally. We got $27.99 left in there today, so we are doing good. LOL