Is incorporation the way to go? So, you’re ready to make your big idea or side hustle into an actual business. We’ve been there, and we know that the process to formally incorporate your business can be filled with seemingly complicated legal jargon and ongoing compliance hurdles.
There are many advantages to incorporating, including increased protection for you and your business through limited liability, the ability to accumulate credit and raise capital, a sense of credibility for both you and your clients, and more freedom as an owner.
When you and your business become two separate entities, everyone wins. Your business can now accrue assets that are separate from your own, as well as debt. In case of any legal issues, when you incorporate, you won’t be as closely tied to these issues as would be the case if your business is a sole proprietorship.
Plus, your business will live on long after you do. When you incorporate, your business is given perpetual life. Because of this, it will also be much easier to eventually sell your business when the time comes.
And, what’s next after you’ve decided to take the plunge and incorporate? Most importantly, you likely know that there are several tax advantages to gain from incorporating, but do you know how to benefit from them? Let’s talk about how we can help.
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