Becoming a Corporation

[rwanger]

A n00b, obviously, but again, in reading Rich Dad, Poor Dad, he talks about the benefits of becoming a corporation. What do you need to become a corporation? If I intend to start getting heavily into real estate, can the corporation part come first? Or does it have to be after I already own some assets?

Can anyone point me in the right direction for more info about this? (Books, websites, personal experience, whatever.)

Much Appreciated!

[Misfire]

Kiyosaki has written some excellent books, but he tends to paint with a pretty broad brush.

Anyone can form a corporation by just filing the papers, naming the board of directors, and paying a fee.

Whether or not operating your business under a corporation is the best move for you takes a bit more investigation. I'd talk to a tax attorney about the pros/cons of incorporating for your specific business model.

[Sniper]

You might take a look at the book Inc Yourself by Judith McQuown, I think its up to the 10th edition.

[MadTiger]

I do this for a living (business consulting, that is).

I'd recommend also read up and really think about what you want to achieve.

Decide what form you want to go with. For example, many real estate professionals find the limited liability corporation (LLC) is an excellent form to go with, considering their unique needs.

Find out which state you want to incorporate in.

[Sniper]

[ QUOTE ]
I do this for a living (business consulting, that is).

[/ QUOTE ]

Does your work include Entity structuring?

[ElaineMonster]

To the OP:
Check out the websites of the Secretary of State for the states you're interested in starting your corporation. (The Nevada one has all the info you need to do it for very little cost. And the regs for NV only require one in-state resident for your corp.)

Also, read the NOLO books about starting a coproration. THey are straighforward legal info, not building wealth theory books.