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Should I Incorperate?

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Jason in LA

Junior Member
What is the name of your state? CA

I've been working as a sports photographer for four years. I work with a guy that shoots youth sports, team photos, indiviaul photos, and action photos. I pretty much have his business down, so I'm ready to get my own parks and make the big bucks, instead of getting peanuts.

I need a good $20,000 in camera equipment, and a few grand for other equipment. Problem is my credit is bad.

I talked to a guy that does all the processing for corperations. He told me he would incorperate my business for $700, and to finance it would be $1500. He said that he would take payments on the $1500.

I'm worried because I'm thinking that even if I start a corperation, I don't have anything behind it. I don't have any money in the bank, or any credit for it. The guy told me that it would be very hard to get loans or credit cards, but that I could get a line of credit from the companies that I buy the equipment from. He said that I could get a line of credit from Canon for the camera equipment. He gave me some rough figures. He said that I could make payments over 26 mouths, at about $1000. That would cover all the equipment and intrest. From my figures, I could easily afford $1000 a month. I also play to shoot weddings (I'm going to have a crew under me to shoot all of these events). I could be looking at a good $6000-9000 a month.

Is this guy telling me the truth, or is he just trying to get money out of me? Should I go through with this, or is there a better way to get the money that I need to get my equipment?

Any advice would be greatly appreciated.
 


S

seniorjudge

Guest
Jason in LA said:
What is the name of your state? CA

I've been working as a sports photographer for four years. I work with a guy that shoots youth sports, team photos, indiviaul photos, and action photos. I pretty much have his business down, so I'm ready to get my own parks and make the big bucks, instead of getting peanuts.

I need a good $20,000 in camera equipment, and a few grand for other equipment. Problem is my credit is bad.

I talked to a guy that does all the processing for corperations. He told me he would incorperate my business for $700, and to finance it would be $1500. He said that he would take payments on the $1500.

I'm worried because I'm thinking that even if I start a corperation, I don't have anything behind it. I don't have any money in the bank, or any credit for it. The guy told me that it would be very hard to get loans or credit cards, but that I could get a line of credit from the companies that I buy the equipment from. He said that I could get a line of credit from Canon for the camera equipment. He gave me some rough figures. He said that I could make payments over 26 mouths, at about $1000. That would cover all the equipment and intrest. From my figures, I could easily afford $1000 a month. I also play to shoot weddings (I'm going to have a crew under me to shoot all of these events). I could be looking at a good $6000-9000 a month.

Is this guy telling me the truth, or is he just trying to get money out of me? Should I go through with this, or is there a better way to get the money that I need to get my equipment?

Any advice would be greatly appreciated.


Sounds like a scam to me. Go to a good business attorney and have it done right.
 

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