Monday, December 19, 2005
I'm working on the corporation papers. Heavens! This is a bit complicated but I can't afford an attorney. So, I hope I get it right. Although I incorporated as a Delaware C corporation, I must also file as a C corporation with California. I've requested a "corporation in good standing" statement (yes there is a fee)from Delaware which is necessary before I can incorporate in California. I can't get a business license or a seller's permit until this part is complete. Will I pay taxes even though I haven't sold anything? You bet. I just don't know how much. Being a librarian is a boon however. We have here a CPR test booklet that has loads of stuff on corporate taxes. I still have time to file as an S corporation if things look grim. A lot of artists have constructed a nonprofit corporation and some as LLCs in which all are part owners. Some even have tiers with owners and just members. I don't work with other artists and as yet only know a few who will become stockholders. The financial structure at this point is a bit unclear and thus my direction still a bit cloudy. Still, you never know what will happen. Just trying to make this dream snap together. Life is short and this may be my last go around to reach for that brass ring.