Advice on Incorporating, PLEASE! - Posted by Katrina

Posted by Brandi_TX on June 23, 1999 at 24:41:01:

June 18th, 1999. My Articles were FINALLY filed with the SOS of Texas.

Here are just a few things I went through…

  1. I asked an atty what were the bennies of having him do the incorporating vs. me doing it my self… he said “None.” I got Bronchick’s How to Create a Bullet Proof Corporation course and had at it. I am glad I did it myself, because it forced me to take the time to learn the details… all though I could not write a book on the topic, LOL, I have a good sence of the basics, and the confidence that I did it right. (Thanks Bill).

  2. I had a name picked and was told by the SOS that I would need a Letter of Consent from another company in Tx that had a similar name. I called this other Corp, and asked if this would be a problem, the President said “No problem.” Pffffff, 3 weeks later and several calls and faxes (yes, I was way too patient), still no letter. Finally upon my last phone call to them, I got the letter: “We, XYZ, Inc., DO NOT consent to the use of yada yada yada…” I was so mad I couldn’t see straight! LESSON LEARNED: If there is any obsticle over the name you choose, PICK ANOTHER ONE! Don’t waste your time.

  3. In an effort to be the “cheapskate” I try to be sometimes, I asked my mail service company to be the Registered Agent of my corp. (They were not going to charge me for this service.) My SOS dept had said that the RA was required to be (among other possibilities) an entity - foreign or domestic - that was authorized to do business in TX. So, I assumed that since my mail service company was DOING business in TX, that they would fit the bill. BUT - (there is always a “but” isn’t there?) I filed my Articles only to go back that afternoon and discover that my RA DID NOT fit the bill according to the state of TX. SHEESH! So I ended up using a company that is set up to do this all day long, for $100/yr. LESSON LEARNED: Don’t be so much of a cheapskate as to waste your own time.

Only you can decide if it is worth doing it yourself, but if you do decide to take it on - make sure you know where to find answers to any questions that come up. And I highly reccommend Bill’s Corp course.

Good Luck

Advice on Incorporating, PLEASE! - Posted by Katrina

Posted by Katrina on June 22, 1999 at 18:42:41:

I am considering incorporating to do my quick flip real estate deals. I was wondering if anyone had any input / advice on this subject? Do you recommend doing it yourself? How long should it take? Is a lawyer worth the fee? When you make deals, do you sign documents as a corporation or do you do it in your own name & then transfer it? I also need to set up a LLC for my real estate holdings. Do I need to set up a land trust for each deal or can a corporation or LLC hold title to a property thus offering anonymity & liability protection?