Im a rapidly growing small business. What are the benefits and why should I incorporate?
Yeah, I get asked this question a lot. There are different advantages for different businesses, but in general incorporate separates your personal assets from your business liabilities, there’s also tax breaks. The IRS favors small businesses that incorporate with tax advantages so that you keep more of what you earn. And thirdly I would say the organization of a corporation is much better such that the business it’s incorporated is more organized and it has a tendency to grow and to eventually run itself. In conclusion, I get clients that come back to me and say “Steve, why didn’t we do this a long time ago?” Their experiencing growth in their company, the company is beginning to run itself, their liability is separated which gives them peace of mind, and there’s keeping more of the money you’re earning because of the tax advantages.
