Ask MetaFilter questions tagged with corporation

Where once we were lost, now we got founded. Name us plz.

TomMelee — Tue, 22 Dec 2009 06:02:51 -0800

Can you help us name our IT company? Or rather...will you? Myself and a friend have decided that it's time we stop doing small IT jobs on the "side" and actually incorporate and call it a business. (Mostly so we can pick up some nice contracts.) We need a name.

Bonus points for wittiness, humor, and ease of remembering. Obviously, it has to fit on a business card/car magnet. It should also sound good when we pick up the phone "Awesome Possum IT, where we make dinner from roadkill, how may I help you?"

We do pretty much everything your local IT company does, from network wiring to custom software. He's ex-millitary, huge, semi-pro rugby player. I'm uhh...smaller, and I play soccer. We are located in Appalachia, and the bulk of our work is with non-profits (although that might change once we're legal.) If we're not working, we're fishing, or at least playing in the woods.

Some suggestions from friends that have been rejected:
-Nuke From Orbit (NFO) (cuz we rarely nuke, we usually salvage the system)
-RedneckTechs (we might be good ol' boys, but we're not rednecks. We feel like this has a negative connotation.)
-Computer Fix (supposed to be a take-off on "drug fix", but I don't think 99 out of 100 people read it that way.)
-Kickass Seabass IT. (I just thought it would be fun to sign off "Kickass, Seabass!", but I think that's less than professional.)

So, lemme have it. I will espousenate any winners, if said winner desires espousenation. Feel free to include your catchy phone answer too.

Should I get out of this S Corp?

Swede78 — Fri, 30 Oct 2009 14:04:11 -0800

Should I get out of this family owned S-Corporation? My father's business is about to shut its doors for good. About a year ago, he proposed creating an S-Corp holding company to take over the intellectual property related to his life-long work. The IP is under his name personally, and not part of his company. His intentions are to give me and my siblings this IP to potentially create income from licensing the rights to use the IP.

I was hesitant to initially start the S-Corp, mainly because I am not a business man, nor is my father (he used his employees and lawyers for this type of stuff). I talked to a lawyer to find out how safe I was from any problems that may occur from being the president of this holding company (e.g.; being sued, etc.). What really worries me is that I will fail to submit some important document to the state or feds, resulting in some big fines that I have to personally be accountable for.

I was able to avoid preparing taxes with the state and feds, because the holding corp has not yet to receive any money or pay any person any money. (I am the only member so far.)

My question is, should I worry about being fined, being sued, failing to accomplish some other requirement unintentionally? You may ask, why I would even think about hanging on to it if it makes me so stressed out. Well, there is a slight chance that it does actually make money. At that point, I would hire a lawyer to take care of the paperwork. Until then, I have no extra cash to do so. Also, I would never hear the end of it from my dad if I dissolved the company.

Another follow-up question... Should I decide to do so, how hard is it to dissolve an s-corp, or transfer it to another person?

Legit corp?

lockestockbarrel — Wed, 21 Oct 2009 12:45:00 -0800

What are the signs of a legitimate corporation? What do legitimate corporations do that fake ones don't? I have to figure out if companies are legit or sham in an area where there are lots of benefits to being a sham. I can get ANY documents from the company, such as employee rolls, tax returns, charter papers, etc., and I can call them up and ask them questions. What should I ask for to make sure the company I'm looking at is legit?

Here's an example: Company X gets rejected from the benefit they're requesting from me. Next year, they apply under the name Company Y, but it's the same company run by the same person or people (usually these are small companies or sole proprietorship). How can I tell that Company Y is a legitimate different company and not just Company X in Y's clothing? What makes this more difficult is one person may found 5 or 6 companies and they all will apply for this benefit.

I want to incorporate...So what's the deal with holding and shell companies?

emjay — Mon, 21 Sep 2009 10:11:20 -0800

I want to incorporate...So what's the deal with holding and shell companies? Yes, YANML and YANMA, I have appointments with a lawyer and a new accountant next week as I'm getting ready to incorporate and I want to educate myself before I meet up with them.

A recent Ask Me Fi Post What are the best books to read if I'm interested in incorporating a business? prompted me to consider other options.

A holding company is a bit different from an umbrella company, I understand this, but to what benefit is multiple layers of holding company(s)?

I just heard on the radio some type of public announcement for a radio station that had to declare it's interests (or something to that affect)

Radio Station WXYZ a subsidiary of f company, owner by g company, owned by h company, owned by holding company 1, owned by holding company 2, owned by holding company 3, owned by holding company 4, owned by holding company 5 and John Doe, owned by holding company 6, owned by holding company 7 and Jane Smith

ad infinitum

I eventually heard a total of 30+ holding companies, with occasional singles or groups of names thrown into the mix.

I think I can understand one or two layers for financial or insurance reasons, but What is the point of these layers? Is it very similar or different from a larger corporation breaking down the business into "Divisions" that handle different aspects? (Bob and Tom Corp, Outdoor Widgets Division, vs Bob and Tom Corp, Indoor Widgets Division)?

The main reason I ask is because I now run several small companies(sole proprietor) all doing fairly distinct business/services and all with their own websites and marketing but I'd like to expand a few of them in different ways like additional services or differentiated products based on the target markets. Incorporating everything and then breaking out into divisions was my initial plan. Would keeping them separate under a shell help in any way?

Since I do the majority of work and the people who work for me tend to all get paid from the same operating account, to what benefit is the holding or shell corp? (Everything I've done so far has been kosher for years with my old accountant and the IRS - unfortunately my old accountant is no longer able to perform his duties due to a serious illness) Could holding/shell possibly save me on taxes/insurance/etc?

Any other recommended reading or info?

Looking for Edumacation.

the NATURAL — Mon, 20 Jul 2009 02:45:14 -0800

ChinaFilter: I'm interested in learning more about the corporate structure and environment inside China's state-owned energy enterprises. What should I look at/for? I'm currently writing a work of fiction which will, ideally, involve a look into Chinese state-owned energy corporations and their corporate culture and structure. Where should I turn, both on- and off-line, to learn more about these generally secretive entities? Both book and website recommendations would be appreciated -- my Google and Amazon pimphands have failed.

Thanks.

Do I need to file?

Brennus — Wed, 15 Apr 2009 06:49:34 -0800

Taxfilter: I'm a partner in a Pennsylvania LLC. I filed final returns for both state and federal last year but never got around to dissolving the LLC. Do I have to file again this year? You are not my tax lawyer/CPA. The LLC has not had any transactions for several years so I am not planning on consulting a tax professional. Does filing a final return (f1065 for federal) mean I do not have to file the following year if the LLC still exists? I think it does, but with it being the last possible day today I just wanted to see if anybody thinks otherwise.

Unemployment for an unpaid startup co-founder?

Anonymous — Thu, 11 Dec 2008 14:05:23 -0800

Do I qualify for CA unemployment as an unpaid founder of a startup? What if the company goes under or lays me off? I started a company (a California C-Corp) over a year ago. We're self-funded. I'm co-director and an executive officer of the company. My co-founder and co-director and I have not taken any salary, only stock.

Everything's above board - we have a tax id, we keep our books, we pay our contractors, we've sent out invoices, and we may have our first revenue soon.

However, the company has insufficient cash flow to pay me, after it's paid our contractors and our other bills.

Do I qualify for unemployment in California? What if the company ceases to operate?

What if the company did pay me a salary, or agreed to do so at some future date? Would I then qualify for unemployment the company could no longer do so? What if the company terminated my employment as a CxO?

How do I blow the whistle without getting involved?

Anonymous — Wed, 03 Dec 2008 06:49:44 -0800

I stumbled on a phpMyAdmin page for a database of personal info along with credit card numbers, hosted by a multinational corporation. I deleted some records. How do I report it without being accused of hacking? I Googled an old address, and on the first page of results was a phpMyAdmin page with my partner's name, email, and old address. I clicked on the result and was taken to a purchase records database, complete with phone numbers, credit card numbers and expiration dates. I showed my partner the page and asked, "is this your credit card number?" and got a "yes... WHAT???!!!"

I realized I had admin privileges, so I tested deleting a record, and when it worked I deleted my partner and several other records for good measure.

Now I'd like to tell someone about it, but I'm afraid if I email the company, it will turn into a Very Bad Scene. Again, this is a large multinational company, and I don't want to get caught up in this.

Where could I report this, such as a specific person in the media or wherever, who would handle the information responsibly?

My IP address is now all over this thing. Could what I did be considered hacking?

Also, what is the best way to email someone anonymously?

Creative Innovative Socially-Good Companies

divabat — Sat, 29 Nov 2008 16:46:03 -0800

Which companies and organisations are big on innovation, creativity, doing good, and support flexible work styles and ethics? I'm jobhunting at the moment and I've found that the company culture and industries they work in are just as important - if not more so - than the specific job role. I'd be happy to work in any role in those sort of companies (so long as I have enough skills); however, I'm finding it hard to find job searches that let you define the industry/style of the hiring company.

I'm after companies and organisations that put value on creativity, innovation, doing social good, flexibility, ideas, and ethical practice (they don't have to be super-strong in all those aspects, one or two main ones would do). At the moment I'm not worried about location - I may have to move internationally anyway, and travel is a huge bonus.

I have skills in arts and events management, cross-cultural communication & integration, general administration, strategy & policy, dealing with young people, research, idea generation, performance and presentation, writing & editorial, and working with the web - but I'm willing to learn new skills or work in something basic and entry-level if it's with the right company.

Some ideas of companies that look interesting:

Google (I'd LOVE to work for them but they seem to only be hiring tech engineers - and I know naught about software engineering)
BrainStore
WhatIf Innovation
GOOD Magazine
Up with People (I've volunteered with them and they have one of the best office cultures I've ever seen)
United Nations (though I've heard that they can be frustratingly bureaucratic)

Which other companies/organisations can I add to the list? How do I find more companies/organisations that fit my needs?

J1 extracurricular activities

tabulem — Tue, 04 Nov 2008 09:30:38 -0800

Is it permissible for a J1 US visa holder to incorporate and own stock (1/3) in a C Corporation? This is in California. The visa is for a research position at a university. The company aims to commercialize some of the research.

How to evaluate potential employment at an LLC

doriangray — Tue, 29 Jul 2008 12:30:19 -0800

What would you recommend be considered when applying to work for an LLC (as opposed to a corporation)? LLCs are fairly new on the business scene and I have relatively little first hand experience with them. Is there a brief overview of how LLCs compare to corporations (with respect to what it's like to work at one) available online? In particular, what aspects of the organization should be collected and considered during the application and interview process?

Is it really illegal for a company to act ethically?

divabat — Fri, 13 Jun 2008 15:20:30 -0800

"[Companies] have a legal responsibility to make their shareholders lots of money, which means they *MUST* rip you off for as much as they can get away with." Really? I've heard that sentiment many times (the above is a direct quotation) and it doesn't make sense to me. According to Carrotmob, "It's illegal for a corporation to behave in a socially responsible way -- unless that socially responsible behavior happens to be identical to the behavior that maximizes profit."

Proponents of the above argue that if a company shows "record profits", that's a sign that they've been ripping off customers. According to them, companies only think about their shareholders and the Board, and therefore must make as much money as possible regardless of ethics.

Is this true? Is it really illegal for companies to act ethically unless it makes money?

To me, it seems that if the above sentiments were true, social enterprises would not be able to exist. Also, it would make Corporate Social Responsibility illegal.

When shares are bought in a company, they are traded away very quickly, and aren't share prices usually determined in large part by the public perception of the company? Surely shareholders and Boards would notice if the customers are being ripped off or if the companies are acting unethically, and respond negatively to unethical corporate behaviour?

It seems to me that these notions come from the idea that "for-profit" = "evil bad conglomerate", but I can't seem to find any actual legal or economic basis for saying that companies must be unethical to profit.

Is there actually any basis to those points? Is it really illegal for a company to act ethically?

Can My Corporation Protect Me From Identity Theft?

amfea — Tue, 08 Jan 2008 20:38:19 -0800

Banks, stores and other businesses can't be trusted with personal (and especially financial) data. Nearly every week, a hacker breaks into a website or steal a laptop with 100,000 social security numbers. Since the US has inadequate data protection safeguards (compared to the EU), could forming a corporation or trust help me? I'm certainly no lawyer, but since corporations are basically "people" under the law, it seems I could form a corporation and have it own bank, utilities and other accounts which require disclosing my SSN to businesses that cannot be trusted with it. I guess I would give them a tax ID number instead. If my identity was stolen, then my liability would be limited since I could always form a new corporation and get a new tax ID number. I am told that getting a new SSN is impossible, at least according to a friend who's ex-boyfriend stole her identity and charged $20,000 in her name.

I read about "piercing the corporate veil" which makes me think that doing this may (or may not) have consequences. I mentioned this in a hurried conversation with a law student friend who said that a trust might be better.

I know you are not my lawyer, but before I get a lawyer to possibly set this up, I would like to know more. Would it work? Is a corporation, LLC or trust best? I am not trying to run a business or make money, and I am not trying to hide any info from the government, so I don't want to do anything illegal (or even questionable). I just want to protect myself from identity theft, which I am wildly afraid of since I saw what my friend had to go through.

LFG in Eve, Mefi Style

heresiarch — Mon, 31 Dec 2007 07:52:39 -0800

I'm looking for an Eve-Online corporation to join, and I'm wondering if any Mefites might have suggestions of corporations that would be a good fit. I'm a relatively casual player. I played for a month a few years ago, and am getting back into it now that there's a Mac client. I'm savvy about MMOs in general, but not looking to grind NPC rats all the time. I really enjoy the social side of player organized events, and I love the breadth of control players have over the economy, stations, long term conflicts, and manufacturing. I love to try different things. I've got about a million SP at this point, most of it in learning and spaceship command, with a smattering in the other skills I need to get things done. Historically I flew a Caracal, but I lost it a while ago and have been shifting gears to trading and manufacturing with a bit of mining, which seems to be a better fit with my play style. (I'm not averse to combat, just don't really have the SP to kill much more than 0.4/0.5 rats.)

Ultimately, access to 0.0 would be nice — but certainly not required. I'm nowhere near comfortable to venture out there just yet.

Really, I just want a community of people I can hang out with, depend on to group up for various kinds of operations, socialize with, and learn from. I'd like them to be laid back, nice, articulate and helpful people. Really, I want a community like Mefi in Eve.

Is anyone aware of a corp that would be a good fit? Is there a corp with a bunch of Mefi members I could link up with? Is anyone in a corp that's recruiting for people like me?

Thanks!

I've crawled the recruiting boards, but they seem too... formulaic. I don't really trust them to represent their own corps style accurately. Plus, I can't claim I'm going to be a super star member who organizes everything and has tons of money, which seems to be who they're looking for.

What fictional evil has great corporate branding?

cowbellemoo — Tue, 20 Nov 2007 01:09:22 -0800

What fictional evil has great corporate branding? I'm knitting myself sweaters and want to use the merchandising logo of fictional and cinematic dystopian/corrupt/evil corporations or organizations. A few examples I've thought up with a great deal of satisfaction:

Black Mesa from Half Life
Aperture Science from Portal
Umbrella Corp. from Resident Evil
uNorth from Michael Clayton
Three Bees from The Constant Gardner

I'm really interested in a fully-realized brand identity, not just any old evil corporation/organization. Ideally they'd have a nice little logo design and have short names, since it'll look better knit. It takes forever to knit up sweaters, but patterning out different logos keeps me really excited about them. Thanks!

Corporation Sole.' What up?

goalyeehah — Thu, 08 Nov 2007 17:58:54 -0800

Corporation Sole? What is this? What are the possible tax benefits. I am starting a business and a friend told me about this sometime back. What are the legal and tax benefits?

http://en.wikipedia.org/wiki/Corporation_sole

Structuring advice for "non-resident" corporation?

lowlife — Mon, 03 Sep 2007 06:32:00 -0800

I want to start a business that operates exclusively within the United States, but I don't live there. Who should I talk to about setting up the legal business framework? I'm a Canadian resident (and citizen) with an idea for an e-commerce site. The site is going to offer products to customers in the U.S. that will be shipped from within the U.S. Eventually I may choose to "go international" but that's not a concern right now.

I suspect that everyone (IRS, CRA) may want a piece of the action, but who should I talk to about getting one or more corporations set up? U.S. accountant? Canadian accountant? Both?

I'd also love to hear from anyone doing this already who wants to share their anecdotes and advice :)

One last thing. If I was to move from Canada to another country (not the U.S.), would that affect things?

It's getting a little chilly up here...

mariokrat — Mon, 20 Aug 2007 22:50:06 -0800

What are my rights as a freelance writer? If I'm writing about employees competing on a company-sponsored team, do I have to clear everything I write with their PR people?? I was invited by a friend to join a sports team his company was sponsoring to compete in an upcoming festival. Aspiring writer that I am, I pitched an idea to the local free paper, and to the other team members to see if they'd let me talk to them and write an article about the team and the event. The response from both was positive, and things went well. About a half week after I sent the e-mail out to the team describing what I wanted to do, the de facto leader of the team got a bit nervous...

She (let's call her 'Jodie') prohibited me from naming the company or any of its employees on the team unless I got prior approval from their corporate communications manager on the article I wrote before I sent it to my editor. She said this once in a conversation between me and her, and again in front of the entire team at a post-practice lunch. Needless to say, the rest of the team had cooled to the idea of talking to me after that.

It was a Sunday, and I explained to her that my deadline for the article was Monday morning. My compromise solution was to send the article to both my editor and their communications officer at the same time, and have the communications officer deal with the editor about any problems the company might have. Jodie's repeated that their communications officer had to give approval before anyone else saw the piece, and that if I was unwilling to do that then I had to remove all mention of the company and its employees.

I decided then that I had no choice but to remove them, and spent that night re-writing the article into something I am not at all happy with. I sat there enraged thinking, "What the hell? Why am I having to write this piece in this way? Why should I need to get the company's approval?"

Monday morning, Jodie e-mailed me again and told me that it was 'imperative' that I contact their corporate communications before I sent my article to the editor or for any sort of publication. Their communications manager got back to me separately (my friend in the company had e-mailed them for me), and after explaining that the problem was no longer really a problem and that I had re-written the piece, I asked her to clarify their company's policies about such things. She explained that it was unlikely that they would have asked to screen the article in advance of publication, but that they would have asked about what I was likely to write, and who I had talked to. This answer, while better than the one Jodie had given me, was still a bit too ambiguous for me.

My view on the situation is this: Whatever issues there were with my mentioning the company or employees in the piece, they were between the employees and the company. As a non-employee, I believe I was within my rights to write what I wanted within the bounds that I had laid out in my original e-mail to the entire team. It seems to me that there should have been no reason for me to submit my article for approval prior to its even being seen by an editor at the paper.

But: I have very little idea about what rights I actually have about writing in a public forum about a team sponsored by a private entity. If I am participating on a team that is sponsored by a private entity, am I automatically subject to whatever corporate rules they have about talking to the media, even if I'm not an employee myself? Help! I feel like I've self-censored, and it makes me feel dirty. Did I really? I'm in Canada, and so advice about my Canadian rights would be appreciated.

Is there a significant benefit to using a ficticious name when incorporating?

photoslob — Wed, 15 Aug 2007 08:13:56 -0800

Is there a significant benefit to using a ficticious name when incorporating? As a sole proprieter I'm currently doing business under my own name which makes sense as name recognition is important to how potential clients find me. I'm in the process of incorporating and have been told that using a ficticious name adds a layer of protection when being sued so that the plaintiff knows they're suing a corp. and not a person. Does it matter if my corp. is named after me i.e. Joe Blow photography Inc. versus Super Rad Photography Inc.?

How to structure group consulting business?

pallen123 — Sat, 02 Jun 2007 04:50:38 -0800

How should I structure a growing consulting business, with partners, collaborators, and others that I want to be invested in the growth and success of the business? I live in Ohio and am growing a consulting business providing new product development services -- design, development and marketing -- to small and large companies.

Right now it's just myself and an engineer (he manages a team of remote software and hardware engineers). He has his own corporation, through which he pays contractors. I myself have not subcontractors (in the past I've managed to get my clients to hire freelancers directly that otherwise I would have had to subcontract).

The engineer and I want to take on more clients and probably consolidate the business under one corporate entity -- and continue to leverage contractors.

My question is this... What's a good model for doing this, where the engineer and I are principals, but where we can also incent some key contractors with a higher level of ownership and/or profit-sharing?

What's the best structure and process of assessing monthly or quarterly *contributions* of non-principals -- and compensating them accordingly? Simply put, I imagine that in addition to the engineer and myself, there will be 1-2 key others that we'd like to extend some degree of ownership to -- so they share in ownership, should the business ever be sold, and also share in greater income security by being part of a group practice. One of these other contributors will be a designer and the other will be a project manager.

Please recommend a small business lawyer in NYC

milarepa — Mon, 02 Apr 2007 06:20:59 -0800

Can someone recommend a small business lawyer in the NYC area? Also, in your opinion, which would be better for me an S Corporation or an LLC? I am looking to form an LLC or an S Corporation. And am not sure which one is better.

I need some advising on which is best for me, the ramifications of each, and then someone to help me incorporate. That's why I would like recommendations of a lawyer in the NYC area.

In short, I am looking to incorporate a small cleaning business. Do you think an LLC or an S Corporation would be better?

Any recommendations are great.

Thanks

looking for photo: exec being carried out of his building

mojohand — Fri, 30 Mar 2007 06:59:07 -0800

Help finding photograph of corporate executive being carried out of his building by MPs? I'm positive I once saw a photo of a guy sitting in an office chair, being ejected from his office by four military policeman who've grabbed his chair and are carrying it and him out of the building.

For a variety of reasons this has become rather relevant to my work, and I'd love a copy, but my search skills suq and I cannot find it on the Web. Can anyone help?

Here's what I (think I) recall:

The photo was black and white.
The incident occurred in the U.S. during World War II.
The guy was an executive (President?) of Sears, Roebuck, maybe?.
Somehow he'd gotten cross-wise with the federal government (Price controls? Rationing?) and they wanted him gone, but he wasn't having any. In the end, of course, the law won.

Corporate history?

aladfar — Fri, 09 Mar 2007 09:39:43 -0800

ResearchFilter Part 2: Some weeks ago, I asked about theories of collaboration and received some excellent research suggestions. Now, I'm reworking my thesis proposal and would like to include some details about the history of corporation. Not critiques the modern corporate entity, but an overview of the origins of incorporation, bureaucracy, etc. Any suggestions would be much appreciated! The usual caveat: I'm perfectly capable of digging through library shelves and online journal databases, and am doing so. But if you know of a particular book or article that might prove useful, I'd love to hear about it. Thanks!

What's up with floaters/internal temps in companies?

staggernation — Fri, 26 Jan 2007 06:45:31 -0800

What can you tell me about "internal temps" or "floaters" at large companies? I once worked as a consultant for a Fortune 50 client that employed what they referred to (informally) as "internal temps." Instead of using a temp agency, they had some number of floating admin assistants who were employees of the company, and would be assigned to fill in for any admin who was out on a given day.

Has anyone encountered this type of job before, or better yet worked in it? If so, please tell me anything you can about it:

In what types of organizations would you find them?
What would the position called, officially?
Unofficially?
How, when, and by whom would one be notified of an assignment?
Who would be one's actual long-term supervisor?
Is it more or less desirable (or for different reasons) than a normal admin job?
How, if at all, would one tend to fit into the social culture of the company?
Etc.

Thanks!

Pray for public transportation.

youthenrage — Sun, 31 Dec 2006 15:29:01 -0800

How can I prove to the DMV that the lien on the car I just bought has been paid off? The secured party listed on the title (a bank) was bought by FCNB bank and then by BB&T bank. I bought a truck from a friends dad about a week ago. The truck was registered in Maryland, but I live in Virginia. I just got the title, which needed to be replaced as they had lost the original one. The bank listed as the lien holder on the title no longer exists, and neither does the bank that bought the original bank. All are under the control of BB&T now. I need to prove to the Virginia DMV that the lien is off the truck, but have no clue who contact about clearing this up. The Maryland DMV? BB&T bank? If it's BB&T, who should I call? Their general 800 #? A branch local to the Maryland town where the truck came from? Will they issue me the notice that the lien is no longer valid even though I'm not the person on the title or in their paperwork?

help please.