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Why should you Incorporate your business? |
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There are many advantages in incorporating your business. First and foremost is the liability protection of your personal assets. Incorporating helps 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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Other advantages of forming a corporation are: |
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| 1.) |
A corporation's life is not dependent on its owners. A corporation possesses the feature of unlimited life. If an owner dies or wishes to sell their interest, the corporation will continue to exist and do business.
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| 2.) |
Retirement funds and qualified retirement plans (like 401k) may be set up more easily with a corporation.
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| 3.) |
Ownership of a corporation is easily transferable. |
| 4.) |
Capital can be raised more easily through the sale of stock. And finally, under certain circumstances, incorporating your business can save you on taxes. | |
Creation of a corporation occurs when properly completed Articles of Incorporation (called a "Charter" or "Certificate of Incorporation" in some states) are filed with the proper state authority, and all fees are paid.
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