More than likely, at some point you are going to be asking yourself whether or not you should incorporate your business. Many people start out as sole proprietors and then incorporate later. However, there are a variety of pros and cons in deciding to incorporate. Before you take the big step to incorporate, it is important that you fully explore and understand the pros and cons of this decision so you make the best choice for you and your business.
There are a variety of great advantages to incorporating, and probably the biggest one is limited liability. As a sole proprietor, anyone who sues your company is essentially suing you as a person, and your personal assets may be at risk. Once you incorporate, you are only liable for the amount that you have actually invested into the company. This is a great way to protect yourself and your assets as well.
There are various other advantages of incorporating as well. Once you become a corporation you will be eligible for small business tax deductions. You may also see an increase in business once you incorporate as well. Incorporating also opens the door for the continuance of your company, instead of it ending with...
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