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corporations and such

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#1 nick franco

nick franco

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  • San Fernando, CA

Posted 21 March 2008 - 05:17 PM

So it's that magic time in a young mans life when he thinks about forming a corporation.
Does the equipment now belong to the corporation just because I am the chief officer, or do I have to transfer/sell the equipment to the corp?

When you get an insurance cert you just have it made out to the corp, correct?

Do you need to notify your insurance company about the change?(for the equipment)

Can I buy Lisigav at a wholesale price?
Any other advise about a corp that you want to share I'd love to hear.
Thanks everyone, Nick
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#2 Kris Torch Wilson

Kris Torch Wilson

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Posted 21 March 2008 - 09:36 PM

Hi Nick,

I incorporated this year. Equipment, vehicle, cash were all transferred to the company. These things were my initial investment, given a dollar amount and shares in that amount were issued back to me. It is now a separate entity so just because you are the pres, cfo etc, doesn't automatically make your assets, the company's assets.

Cert of insurance will now be issued to the company, as YOU no longer own the gear. Your insurance company will need to be alerted to the change. If you include your car, the title should be changed as well to make it very clear that it is now the company's. Car insurance can then be changed.

Phone bills, credit card, etc. will go to the company. Capital One issued my company a card no problem with an initial limit of $1500. It takes roughly six months of owning a credit card before the phone company would take us on without putting down a 500 dollar deposit on each cell phone. You see, the company had no credit rating. It doesn't matter what YOUR rating is, Remember the company is a separate entity.
Are you in LA. I have a great attorney that I would be happy to pass along that specializes in helping folks like us incorporate. Cost a couple thousand. Because you asked the same questions I did I can assure you you that you will need to hire someone like this to advise and handle the paper work. I can also tell you that in this first year, I have saved way more than my costs in reduced taxes.

As a corporation I can and do purchase Lisigav at greatly reduced prices and pass those SAVINGS on to my secretary!!!

Hope this helps.

Kris Wilson
President and CFO
Torchcam, inc.
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#3 Rob Vuona SOC

Rob Vuona SOC

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Posted 21 March 2008 - 10:20 PM

Yo Mr, Wilson,
whad Up , you and I have to get together and have this conversation, I think It may be the year for me to Inc. as well
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