trickijedi
Posts: 3201
Joined: Sun May 13, 2001 4:35 pm

Should I Incorporate My Small Business?

Tue Jul 02, 2002 12:55 am

I am in the process of researching and getting the business plan ready for my small business. In a nutshell, I will be importing certain types of furniture from other (mostly Asian) countries and I will be acting as a wholesale broker to furniture stores, retaurants, hotels, etc. domestically in providing them the furniture. We do not want to target the consumer market... yet. Even though we will have a website, it will not be solely an e-commerce site since most of our advertisements will come mostly in the form of mailing lists and via trade magazines. The website will primarily act as an "virtual manual" for potential clients to browse through our offerings. There are three of us in this venture - one located overseas who will be responsible for setting up the sellers as well as myself and another partner located here in the US who will locate buyers.

Both my partners says that we should seriously think about incorporating our business in the US (as an LLC, "S" or "C" corporation) so that we can establish ourselves as a worthwhile business when dealing with overseas sellers and local buyers. He also says that having a business identity in the U.S. is required by the sellers for shipping purposes if we want the seller to pay for the shipping costs. I still can't seem to find the answer to this. Is this really true?

I plan to spend a lot of time making this business successful but I do not intend for this to be my full time job. I planned for this to be my little sideshow from the very start, which is why I am having doubts about having to create a legal business identity. Some small businesses exist without one. So should we incorporate ourselves? What are the advantages and disadvantages of having as legal business identity?

And also, for those who have had experience with bulk overseas shipping, is an import license neccesary in shipping containers of stuff overseas? I have gotten two different answers to this question but have yet to talk to a shiping broker about it. Thanks for your help.

Its better to be on the ground wishing you were in the air than be in the air wishing you were on the ground. Fly safe!
 
174thfwff
Posts: 2831
Joined: Thu Sep 04, 2003 12:47 am

RE: Should I Incorporate My Small Business?

Tue Jul 02, 2002 1:38 am

"I plan to spend a lot of time making this business successful but I do not intend for this to be my full time job. I planned for this to be my little sideshow from the very start..."

Honestly with out trying to discourage you from starting your own business, you will be there most, if not your whole day from the start if you want this thing to be very successful, no joke. After getting established, then it will be very smooth, IMHO, that implies less work, and more relaxation.
Brooklyn, Queens, Manhattan, Staten, Uptown, what now? Lets make it happen.
 
AS737900
Posts: 330
Joined: Mon Oct 30, 2000 1:11 am

RE: Should I Incorporate My Small Business?

Tue Jul 02, 2002 4:39 am

Yes. Incorporate. If something goes wrong with the business and a suit is filed against your business you and your personal assets are protected for the most part. If you do not incorporate and a lawsuit is filed against your business then you and your partners risk the possibility of losing personal as well as business assets. In a nutshell incorporating would be the smart thing to do.
 
trickijedi
Posts: 3201
Joined: Sun May 13, 2001 4:35 pm

RE: Should I Incorporate My Small Business?

Tue Jul 02, 2002 1:31 pm

174thfwff,

Yes, I do intend on spending a lot of time on it at first and am prepared for what resposibilities the job calls for. I guess I don't want to make a career out of it is what I'm trying to say.

AS737900,
I've (we've) thought about this as well. I'm just looking for more reasons that's all.  Smile

Can anybody help me out on the shipping information?
Its better to be on the ground wishing you were in the air than be in the air wishing you were on the ground. Fly safe!

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