Posted on Friday 6 March 2009
This economic recession has taken a toll on Americans and the world in ways we never thought possible. We have had hard economic times in the past, but those times were always so far back in history that we began to think we were untouchable. Unfortunately, reality caught up with us and we now deal with the mess that is left after overspending, war and so many other factors.
Through our rough economic situation, entrepreneurship is still a great way to make a living on your own terms and live out the American dream. When it comes to incorporating it is something that should be done for a new business, even if the owner has a limited budget. The overall cost of incorporating varies depending on several things. It depends mostly on the type of incorporation, the state in which the company is located and whether the company is national or international. These factors may change the cost slightly; however the overall cost to incorporate is minimal. Costs usually include filing fees, annual report fees, attorney fees and first year franchise taxes. The site 101 incorporate.com shows a list of prices per state for incorporation. By comparison, it seems that an LLC is either the same or just a little over the cost of and an inc. incorporation. This list can give entrepreneurs a good idea of the comparative cost and also the differences in the state pricing. A consumer should still shop around for different incorporating services whether the owner is looking for LLC prices or other types of structures.
Even though economic times are tough, it will not cost very much more to create an LLC as opposed to other incorporation structures. LLC structures offer different options that may be more beneficial to a new or independent company, but even if times are tough, an LLC is definitely an affordable option for incorporation.
TAGS: Business Incorporation,
Economic Crisis,
Incorporation,
LLC,
Recession
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