|If you do well with your business, you may want to incorporate
it. There are many advantages gained by incorporating. For one,
if (and this is a BIG if, but you never know), if you are ever
sued, your personal assets will be considered separate from your
business assets. On the off chance that anything like that ever
happens, you will be immensely thankful that you incorporated.
It works the other way too, if you are ever personally sued, all
your business assets are safe. Legally, you and your corporation
are two entirely separate entities.
Another reason for incorporating is to save money on taxes. Talk
to an accountant about the different ways to incorporate - if
you qualify for an S-corporation or an LLC, you may save
considerably in taxes. Plus, it's always nice to pay your taxes
on a monthly or at least a quarterly basis rather than owe one
giant, lump sum to Uncle Sam on April 15th.
Many a business has gone bankrupt due to unpaid taxes.
Another benefit of incorporating is to convey professionalism.
Most people recognize that the abbreviation of Inc or LLC after
a company name is evidence of incorporation. Your prospects may
take you more seriously. And every little bit helps.
You may get a few more sales just due to the fact that you look
like a real company!
So talk to your accountant today and find out if incorporating
is the right move for you to make. It takes some time to start
the process, but can be well worth it in many instances.
Copyright © 2005 by L A Parmley. All rights reserved.
About the author:
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