So I filed for incorporation in New York late July 2010. I was in Europe - and since then I had so many things I returned to - I totally forgot about the corporation.

I checked the NYS Treasury Website - and they say my corporation is still active. Yet, until last week I hadn't done ANYTHING with it.

I actually would like to start using it as a vehicle. And my next steps are to open a bank account.

I have three questions:

1. Because I realized that I will be double taxed as a C-Corp - is there anything I can do to reform as an S-Corp - even though the deadline has passed?

2. What are the taxes I am liable for as a C-Corp if I plan on using the corporation as an investment vehicle? If I grow capital to a significant amount... is it just capital gains I am having to pay - or do I have to pay income tax on capital gains.... so am I going to have to pay capital gains + income tax if the income is from investing?

3. I will have an employee in another country. What will I need to do with regard to taxes when paying my employee?

And any other suggestions, insights or advice you might have is most welcome!

Many thanks,

Teddicus