supersupps
Guru
- 534
I know a CPA that is charging $700 to start up a S corp, including all the fees. Has anyone done this on their own? what were the fees and is $700 low enough to let an expert do it ? thanks
Starting Your Own S Corp Vs a CPA Doing It?
- Thread starter supersupps
- Start date
- 1,641
I bet the $700 includes a corporate book that includes embossed shares and lots of calligraphy -- a bunch of crap designed to help you justify such an outrageous fee.
Want to know the filing fees? Visit your Secretary of State website and look under registering a new business. At most, there are five forms to be filled out. If you know what you're doing it takes less than an hour. Even if the cpa pays $300 in fees (most for the fancy bs), that translates to $400/hr.
Want to know the filing fees? Visit your Secretary of State website and look under registering a new business. At most, there are five forms to be filled out. If you know what you're doing it takes less than an hour. Even if the cpa pays $300 in fees (most for the fancy bs), that translates to $400/hr.
If a CPA sets up an S-Corp is he practicing law without a license?
- 211
I had an attorney set mine up for $250. One thing though you need to make sure the corp is set up correctly in case you ever get sued and want to hide behind the corporate shield. If your corp isn't set up correctly, the suit may be able to come after you personally.
thinktank
Expert
- 55
You might want to get a second opinion. Unless you have a specific reason for setting up an S-corp, it might make more sense just to set up a regular LLC. What most people don't realize is that you can be an LLC and file as an S-corp for tax purposes. This will save you money on both the front end and back end.
In my opinion (and I am not a CPA), it only makes sense to file as an S-corp if you are making $150k+
In my opinion (and I am not a CPA), it only makes sense to file as an S-corp if you are making $150k+
- 1,473
My CPA charged me $550 will worth it. You get in truoble when you become master of nothing. If you do not have $600 maybe you should wait till you are making enough money to afford it.
I know there's another thread that's going on about this, but I'll highlight the main benefits in my eyes between an s-corp and an llc
S-Corp - anything over a "reasonable salary" doesn't pay SS and Medicare taxes since it's a distribution of profit.
LLC - don't have to keep corporate documents on file. (Which is more or less the reason you don't have higher fees to set them up.
- 1,473
That's why I did an s corp. Shareholders distribution.
- Thread starter
- #10
supersupps
Guru
- 534
I set up my s corp thru rocket lawyer.. 155 for fees and 40 for fed id #. I was told the only docs I need are the minutes, the by-laws and the records. , as well as the election form 2553. anything else needed or suggested?
