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I was talking with LT and he was telling me that one way to make more money while limiting exposure was to create 'corporations'. Corporations act as a legal person and so any negative impact to a business that you run under a corporation will have little impact on you personally as it is technically owned by the corporation and the liability belongs to the corporation.
So, who wants to start Omnicorp?
Wait.. it seems like that name is used. Crap, I'll have to come up with a new name.
Sunday, June 04, 2006 at 01:48:22 (UTC)
There's one small but very important detail with regard to corporations -- there's a ton of paperwork involved. If you're starting out the admin costs of a corporation vs. a sole proprietorship are substantially higher.
HKL
Grinning Reaper
Tuesday, June 06, 2006 at 13:41:15 (UTC)
Hmm, it doesn't mean that setting up a corporation isn't worth it. But considering how lazy I am, I might not be able to get around to it even if I wanted to!
QYV