All legal and tax professionals agree, if your business is not incorporated you may be throwing away thousands of dollars in tax savings and deductions.
In addition, all of your personal assets such as your home, cars, boats, savings and investments are at risk and could be used to satisfy any law suits, debt or liability incurred by the business. Forming a Corporation can provide the protection and tax savings needed to give you peace of mind and make your business even more successful and profitable.
Some Benefits Include:
Liability Protection: Properly forming and maintaining a corporation will provide personal liability protection to the owners or shareholders of the corporation for any debt or liability incurred by the business. Personal liability of the shareholders is normally limited to the amount of money invested in the corporation.
Tax Advantages: Another important benefit is that a corporation can be structured many ways to provide substantial tax savings. You can minimize self-employment taxes and increase the number of allowable deductions lowering the taxes you pay on the income of the business. Many corporations structure retirement and tax deferred savings plans for their owners and employees which can provide even greater tax savings.
Raising Capital: Sale of stock for the purposes of raising capital is often more attractive to investors than other forms of equity sales. A corporation can also issue Corporate Bonds to raise capital for expenditures without compromising the ownership of the business.
Starting a Business? 3 Things You Must Know
Form of Business Organization: Which Should You Choose?
Business Forms of Organization: Frequently Asked Questions
Incorporating: Frequently Asked Questions
Advantages of Limited Liability Companies
Limited Liability Companies: Frequently Asked Questions
Business Plans: How To Prepare An Effective One
Raising Capital: How To Get Money For a Small Business
The Home-Based Business: Some Basics You Should Consider
Small Business: Frequently Asked Questions
Financing Questions: Frequently Asked Questions
Recordkeeping For Your Taxes: Frequently Asked Questions
Choosing a Professional: Frequently Asked Questions
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Hardge Connections, LLC
46 Gramatan Avenue #176
Mount Vernon, NY 10550