August 6, 2016
Q.: I have always been advised, by CPAs, that until a small company has a specific NET income of approximately $100,000, incorporating is out of the question. The fees associated with Inc. may not be worth the trouble of incorporating. Wrong? If wrong, why? Thank you. A.: A $100,000 threshold? Hmmm. Plenty of companies are incorporated every day for businesses that are just starting and have no income whatsoever. Depending on your state, incorporation costs only about $300 to $800–and is a one-time expense–so I don’t see why a business earning a net income of, say, $50,000 wouldn’t be able to absorb that. In fact, the owners of small business corporations have been known to put a lot of expenses through the company, precisely so that they don’t show a lot of net income for taxation purposes. The corporation could have a gross income of $250,000, but with salaries, rent, expenses, taxes, etc., it only shows a net income of (for example) $80,000 for income tax purposes. Is that company too small to incorporate? I…
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