I Have Now Officially Incorporated!
March 20, 2008 Posted by Tyler CruzTwo days ago I went to pick up the official papers and documents from my lawyer’s office – I have now officially incorporated! Everything has been registered and set-up, and I’m ready to roll.
I really have no idea what to do next, lol. I’ll most likely be making an appointment with my accountant so he can help guide me on how I should be operating and how this all works.
However, right after picking up the documents the other day, I went straight to the bank to set up a business account for Merendi Networks, Inc. I made a video (displayed below; RSS and e-mail readers will need to visit TylerCruz.com directly to view it) explaining everything.
I warn you that there is a lot of rambling and babbling and nothing too interesting (unlike my dancing sausages), but for those interested in the process of incorporating and setting up a bank account, it might be interesting.
I’ll admit that is certainly fun and exciting knowing that I now own a corporation. Nothing has changed really, but it’s just fun to know 🙂 I just ordered a custom logo, stationary, and 500 high-quality glossy business cards. I’ll let you know how they turn out since I’m using a new company.
You should benefit from a reduction in taxes similar to John Chow now you are incorporated, the paperwork can be a headache though so keep your accountant.
Let us know if this has a positive impact on your businesses now you are recognised as an Incorporated Company.
Good luck!
Congrats on incorporating. One thing I would recommend is that you get in touch with the affiliate companies you work with, or any company you earn money from, and update your account information. You will need to provide them your company’s tax ID number. You want to make sure future payments are made payable to your company and not to you personally. The rules are likely different in Canada than in the US but I would imagine this part of the process is the same.
Good Luck.
Definitely. From now on, all payments, for Aff, Ads, and other things should be made to your corporation.
Give youself a low salary (Here in Canada, I can make a salary of about 8000$ a year without being taxed on it). Then, give yourself an expense account, and anything that could be business related, expense it.
Another thing, I’m not a tax lawyer, but I heard paying yourself with dividends helps your tax rate as well.
Good luck, and let us know how it goes.
Congrats Tyler 🙂 Anyways, I was wondering how you get the title screen on the video? I’m talking about the first 5-10seconds with the scrolling text “TYLER CRUZ.COM”. I’ve seen this at John Chow too, but have been wondering how it is done.
-Mike
Congrats Tyler!
Mike: I think it’s done using Windows Movie Maker.
Yup, we both use Windows Movie Maker (although now he uses his iMovie on his iBook), which is really easy to use. You can’t do anything real fancy with it, but it comes with Windows, has basic features and is really easy to use.
Congratulations. Now you can get some good tax deals. If you work from home you could claim a vacuum cleaner for “work use” to keep your office clean. mu haha
I think that getting incorporated might have been a bit too much for you. I would have considered becoming a Limited Liability Corporation. I made one and its just $100, you don’t need an accountant or lawyer for either LLC or Inc. though… its rather easy 😉
LLC is American.
Jim, it’s not a matter of too much or too little anyway. It’s a matter of personal preference concerning how you want the money you make allocated. You can have hundreds of employees and still only be an LLC.
Congrats Tyler! I think that’s what my first reaction would be to if I were to incorporate my blog. “Umm.. so this is cool… now what?”
Congrats on being incorporated.
Congrats! You need to start facing the camera on you whenever you make these videos. Are you camera shy? 😉
Okay, that intro clip song was awesome. heh
Congrats Tyler, I’m going through pretty much the same thing for incorporating my startup. 🙂
congrats on your new inc. , Ill be doing the same thing soon so good info.
Congratulations Tyler!! You achieved one of the milestones dude.
Kudos to you, another step toward make more money online 😀
Tyler, Congrats, on the incorporation, now you can enjoy the benefits of the tax write off’s!!
Good idea on incorporating. I’ve had mine for a while now. Isn’t it cool to be a “shareholder” and a “director” 🙂
I am with TD canada trust also 🙂
Great bank, I’m in Montreal. I am going to incorporate soon.
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