Anyone hear of incorporating yourself?

Asked by George Antonopoulos, Madison, CT Sun Aug 12, 2007

Hi Everyone,

I’ve been hearing of agents incorporating themselves. Anyone have any feedback? Pros or cons?

George Antonopoulos
Coldwell Banker Residential Brokerage
Madison, CT 06443

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Chris Ryan, Home Buyer, Madison, CT
Mon Aug 17, 2009
What are you trying to accomplish by forming a corporation? If you want limited liability then forming an LLC is far simpler and the LLC is not considered an entity for federal tax purposes (CT will tax it $250 a year). There is seldom any reason to form a corporation for almost any reason these days (unless perhaps you want to take the corporation public). I'd be interested in understanding the "tremendous benefits" mentioned by Ted.
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The Hagley G…, Agent, Pleasanton, CA
Sun Aug 12, 2007
First of all, congratulations on realizing that you are a business! I have looked in to incorporation, as well as LLC, etc. Your best bet it to talk to a tax professional to get the pros and cons. I have peronally found that corporations entail a lot of paperwork and additional expense in the form of reporting when its tax time. What is your biggest concern? Mine way payroll. That was an esy one to get around. I hired an online company that takes care of all payroll taxes for me, and coordinates with my tax attorney. I still hold my business as a sole proprieter.
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Pam Winterba…, Agent, Danville, VA
Sun Aug 12, 2007
i have know a few that have incomporated. I believe it depends on the volume of business one does to determine if it is beneficial. I know there is an up and down shot. It would need to be cost effective.
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Vicki Masell…, Agent, Duluth, GA
Sun Aug 12, 2007

There are tremendous benefits and advantages of either incorporating or forming an LLC. I would suggest that you seriously consider doing it if you are working in real estate full-time and plan to continue in a long-term career. I formed an S-Corp in 2002. Speak to your tax accountant or a trusted real estate attorney. The costs are nominal but the rewards are priceless. - Ted
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