Does the NAME of a corporation affect tax or legal liability? I have been operating for a number of years as a sole proprietor (independent contractor housing inspector). I will soon be branching out into a few more ventures (sales agent as an independent contractor, as well as the possibility other local services).
I am in the process of incorporating as an S-corp for tax and asset-protection purposes.
My question is in regards to the name I chose to incorporate under. I used my own personal name (Firstname Lastname, Inc.)
I did this, honestly, because I was having trouble thinking of a good generic name for my corporation. A number of people suggested I just use my name.
HOWEVER, after doing a great deal of reading and thinking over the past week, I am wondering if I made a bad decision. Perhaps I should have used a name other than my own personal name.
Does anyone know if using your own personal name as a corporation name in this way can have negative consequences?
1) In a legal sense, in terms of asset separation (piercing the sheild)
2) From a tax standpoint (might look less like a business and more like just a tax shelter, etc.)
I have not conducted any business under the corporation yet. I just registered it last week, and the only other thing I have done is get an EIN. So if I need to scrap it and start over with a different name, now is the time.
Thanks! |