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Answer from our Guest Expert Kent Capener of Capener Consulting

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How Do You Incorporate?

Depending on your state of incorporation and tastes, the fees for incorporating can range from $15 to $1,500. The state in which you reside (presuming you are in the USA) offers all the necessary forms to fill out and notifies you of the fees to pay to become any type of corporation. Simply contact your secretary of state's office for more details. Most states have a Corporations Division that can assist you in the incorporating basics.

Given that you may want to invoke the spirit of a 50-50 partnership in a corporation, however, you may want to select an attorney to assist you in your incorporation process. On paper, you'll get a written "articles of incorporation" and several other mandatory documents. Some attorneys provide leather bound and gold leaf printed "Corporate Books" for your corporate records, and can assist you in all the maintenance requirements of your corporation, once you're in business.

No matter which type of corporation you select, carefully consider if you need an attorney or not. I mostly recommend to my start-up clients that they do it themselves for budget reasons. There are no tricks to it, but the key is making sure that the other mandatory documents spell out your partnership in terms you agree to. The other major ones are stock issuance (percentages) and equity planning.

What's the Difference Between C Corps & S Corps?

This question should be strategically answered from three perspectives. First, equity planning, or in other words, are you ever going to be a public company? Second, which type of corporation is the best for you and your future financially (including your partner and others you'll do and be in business with)? And third, yes, taxes, which are an important part of the C corp versus S Corp decision.

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