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Somewhere around the 100k revenue point. I don't recall the exact reason, it was getting more serious at that point, I guess. I wish I'd done it earlier, as ce
by ikeboy 9y ago
Somewhere around the 100k revenue point. I don't recall the exact reason, it was getting more serious at that point, I guess.
I wish I'd done it earlier, as certain loans (SBA) are only eligible if you're at least 2 years old. If you might pursue bank funding later for this, incorporate as soon as possible.
- saagarjha 9y agoOn the flip side, what would the downsides be of incorporating early?
- freehunter 9y agoDepending on where you live, as soon as you incorporate, you have to start paying taxes. If you're not making money, it's just an additional burden and likely extra money involved. You may also have to submit paperwork to the government every year describing your business in some fashion. Failure to do so might land you in some hot water. Basically, almost every business is subject to at least some kind of regulation in most jurisdictions, even if it's just bare minimum.