Why should you incorporate
your business?
There are several good
reasons for any person to consider business
incorporation (e.g. setting up a corporation or
forming an LLC) and switch from sole
proprietorship or partnership to a better legal
structure such as Corporation or Limited
Liability Company.
The first reason why
you should incorporate is: Limited Liability of
Owners
The
first and the most important feature of a
corporation is the limited liability of the
shareholders in regards to claims against the
company. A corporation is a legal entity
separate from its shareholders. The owner
/ shareholder of a corporation or LLC, is only
liable for claims against the company up to the
value of his/her equity in the Company and any
creditors of the corporation or LLC cannot
satisfy a judgment against the business with
personal assets of shareholders, directors and
officers. The only exceptions to that rule is
when the company’s shareholders / directors or
officers were found guilty in committing fraud
and then they may be personally liability to
damages resulting of that action.
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The Second reason why you
should incorporate your business is: Tax Efficiency
Corporations & LLCs are
eligible for tax deductions that other forms of
business organizations can’t claim, including:
medical expenses, entertainment expenses, car &
truck expenses, cost of business travel,
pension costs and other employee benefit plans.
Corporations are taxed separately from their
owners. The owners (shareholders) of a
corporation are subject to lower tax rates when
they receive dividend from the company and
liable for the lower tax only upon distribution
of the dividend.
The third reason for you to
incorporate is: Business Credibility
Operating your business as
a corporation or LLC gives you higher
credibility. Adding Inc. or LLC to your business
name sends a clear message to your customers,
vendors and other parties you work with, that
you are serious about your business and
committed to its reputation.
The fourth reason for
setting up a corporation is: Funding
Opportunities
A corporation who wants to
raise funds for its short or long term operation
has the ability to issues shares in return for
paid in capital paid by its shareholders. This
mechanism gives a corporation access to funds
that other form of business structure can’t
really use. The other side of the same coin is
the ability of the company’s shareholders to
transfer / sell or assign their stocks of the
corporation for profit. This feature may bring
more investors to the company as shareholders,
knowing that they can liquidate their investment
at any given time.
