C&G’s Tip of the week: Corporations and Limited Liability Companies
To “incorporate” or not to “incorporate”? That IS the question!
Finally launching your t-shirt line? What about your consulting business? KNOW the benefits of incorporating and make a sound decision on how to structure your business.
Do not become comfortable with the “DBA”! Whether you are a sole proprietor or co-own your business, one of the main benefits of forming a corporation or limited liability is PERSONAL ASSET PROTECTION. Forming a Corporation or Limited Liability Company (LLC) allows business owners to separate and protect their personal assets (home, car, personal savings, etc.) in the case of a lawsuit or claim against a business entity. Given the litigious society we are living in, this is an all-important concept.
Formed and managed properly, owners can have limited liability for business debts and obligations and can operate their business with some sense of security. Other benefits include but are not limited to: deductible expenses, tax flexibility, perpetual existence and brand protection.
Should you choose to “incorporate”, you must choose the business structure that best suits your needs. Corporations and LLCs are both separate business structures that enjoy certain legal protections and important benefits, without some of the onerous formalities required by partnerships. If you want to be sure you are making the right decision, contact C&G today to assist you!
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