Some of the benefits of forming a corporation include:
- Personal asset protection. Forming a corporation is similar to a partnership, minus the need for excessive paperwork and fees. It allows the business owner to separate and protect their personal assets in case of a lawsuit or claims against the business entity. In an effectively managed and structured company, owners should have limited or no liability for outstanding business debts and obligations. This remains as one of the leading benefits to incorporating.
- Tax flexibility and incorporation tax benefits. There are several tax advantages and benefits of incorporating a small business. While profit and loss typically "pass-through" an LLC and get reported on the personal income tax returns of owners, an LLC can also elect to be taxed as a corporation. Likewise, a corporation can avoid double taxation of corporate profits and dividends.
- Enhanced credibility. A major benefit of incorporating your business is the stamp of approval adding "Inc." after your business name. This distinction affords your business the instant credibility and authority associated with owning an incorporated company. Potential consumers, vendors and partners may prefer to do business with an incorporated company and will overlook those who are not.
With The Standard Package You Receive These Valuable Features:
Without completing the incorporation process, your new company may not be considered valid, and you can lose your corporate protection.
More and more banks are asking for proof of ownership when you open your account, and there are court cases where the founder lost control of their company because the ownership was never documented.
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