Should You Incorporate Your Business?

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If you’re a sole proprietor, you have probably wondered this at some point. Take a look at the benefits to consider. Most of these benefits also apply to an LLC.

  • Incorporating your business limits the liability of the owner business
  • Where personal services are involved, the individual performing the services may be personally liable for his or her actions even though the business is incorporated
  • When operating as a corporation, it may be easier to raise capital because the business can do so by issuing stock and selling bonds
  • Ownership interest in a corporation is easier to transfer than in a sole proprietorship
  • A corporation files its own tax return and pays its own income tax. Double taxation can generally be avoided by electing S corporation status
  • Corporate form allows for more protection as well as fringe benefits that are deductible by the corporation and tax-free to employees, including an owner-employee

Take a look at our white paper regarding Selecting a Legal Entity: A Brief Guide for the Business Person. Call our office today if you have any further questions regarding the advatanges and disadvantages of incorporating your sole proprietorship and what is best for your company.

Selecting a Legal Entity: A Brief Guide for the Business Person

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I am frequently asked the question, “What kind of legal entity should I use for my business?” In this article, we discuss several different options available when opening a business. This decision will have a significant impact on the way you are protected under the law, and the way you are affected by income tax rules and regulations.

Click below to read about different types of legal entities and how to determine which one best suits your business:

Download our free guide: Selecting a Legal Entity