Inc. versus Co.
Thu, 21 Sept 2000, 07:28 pmWalter Plinge11 posts in thread
Inc. versus Co.
Thu, 21 Sept 2000, 07:28 pmI am having enormous difficulties assembling a committee for my opera company. Especially a treasurer and a secretary. I have reserved the name as an incorporated association, but I am thinking about ditching this in favour of a simple business name - a company - which could be run by one or two people.
What are people's thoughts either way? I am trying to do the right thing by going Inc.... you know, keeping the whole thing above-board and accountable, and avoiding the stigma of people thinking I'll bunk with the profits and vacation in the Bahamas for a year.
(although...)
But if I can't get a committee together, what other option do I have? Wouldn't it be simpler to run it as a busniess?
David M.
(Knight of the Round Meadows)
What are people's thoughts either way? I am trying to do the right thing by going Inc.... you know, keeping the whole thing above-board and accountable, and avoiding the stigma of people thinking I'll bunk with the profits and vacation in the Bahamas for a year.
(although...)
But if I can't get a committee together, what other option do I have? Wouldn't it be simpler to run it as a busniess?
David M.
(Knight of the Round Meadows)
RE: Inc. versus Co.
Thu, 26 Oct 2000, 08:53 pmWalter Plinge
If you think the Corporations Law is bad check out the Tax Act!
The only thing that was missing from your post is the cost involved in setting up a company. If you do see a lawyer(not me I only sue people) then the cost is quite high. Even purchasing a shelf company (that is one with all the documents prepared ) will cost close to a thousand bucks. Most Theate Companies can't afford it. Thats why most people prefer to be an Incorporated Association which has much cheaper set-up costs. A partnership is cheaper still but I think Jason's right that funding bodies would be cautious to hand over money to such a loose entity. You are right that changes to the Corporations Law made single directorships possible but I still wouldn't recommend it for anyone starting a theatre group. Regards Trevor
The only thing that was missing from your post is the cost involved in setting up a company. If you do see a lawyer(not me I only sue people) then the cost is quite high. Even purchasing a shelf company (that is one with all the documents prepared ) will cost close to a thousand bucks. Most Theate Companies can't afford it. Thats why most people prefer to be an Incorporated Association which has much cheaper set-up costs. A partnership is cheaper still but I think Jason's right that funding bodies would be cautious to hand over money to such a loose entity. You are right that changes to the Corporations Law made single directorships possible but I still wouldn't recommend it for anyone starting a theatre group. Regards Trevor