There are many advantages to incorporating your business. Liability protection of your personal assets is one of the primary reasons why a small business will form a corporation. Incorporating
helps to separate your personal assets from that of your business.
A corporation is a legal entity that exists separately from its owners
or shareholders. Typically, shareholders are not liable for the debts and
obligations of the corporation or from any litigation where the corporation
is the defendant. In a partnership or sole proprietorship, the creditors
can go after the owner's personal assets if the company assets are not
enough to settle a claim.
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