Monday, October 27, 2003

Paul Inc.

Just talked to a lawyer concerning franchise contracts and incorporating myself. Some comments:

1. Most franchisors are not flexible with changing the contracts. He had instances where the franchisor did not even return calls.

2. He may quote a fixed fee later on based on what the negotiations may look like but the fees depend on the type of work for franchise negotiations.

3. He suggests an "S" corporation instead of an LLC because an "S" corporation is cheaper to do. Tax-wise, they are similar in structure. To simply incorporate ourselves, he says that it would take $1,000 (YIKES!). It may be more if we want to negotiate dissolution and other stuff.

4. We could be incorporated in a day, if we needed.

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