5 Major Reasons to Incorporate Your Business

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5 Major Reasons to Incorporate Your Business
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• For many entrepreneurs who are keen to start
  their own business, limiting their personal
  liability may be foremost on their minds, and one
  way of doing so, is by incorporating the
  business. While its true that incorporating does
  require more paperwork and expense than a sole
  proprietorship or a partnership, it can offer a
  whole host of significant legal and tax benefits.
  Its also important to remember that by working
  with a specialist accountancy firm, you can
  simplify the incorporation process by letting
  them deal with all the documentation, and should
  incorporating your business not be the right
  choice for you, they will guide you through the
  other options and help you choose the right
  entity for your business and your circumstances.

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• Here are 5 of the most significant advantages of
  incorporating your business
• 1.It gives your personal assets added protection
• As a corporation, you can own property, carry on
  business, incur liabilities, and sue or be sued.
  Responsible for its own debts, corporation
  creditors can usually only seek payment from the
  corporations assets, as opposed to from the
  shareholders, directors and officers personal
  assets.
• What this essentially means is that the owner of
  the business can carry on with their business
  without potentially putting their homes, cars,
  savings or other personal property at risk. If
  you were the owner of a sole proprietorship or
  partnership, however, you could potentially face
  unlimited liability for business and personal
  assets.

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• 2.You gain easier access to capital
• Because a corporation is able to issue shares of
  stock, its typically easier for them to raise
  capital, and in turn, make it easier to grow and
  develop. Bank loans may also be easier to acquire
  as a corporation, since most banks prefer to lend
  money to corporations instead of other types of
  business ventures.
• Also, corporations will usually have greater
  access to different sources of capital to help
  them pay off their debts.

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• 3.The credibility of your business is enhanced
• Corporations are often seen as being far more
  stable by suppliers, customers and business
  associates when compared to other unincorporated
  ventures, and by incorporating your business, you
  can convince such people that you are credible,
  stable and here to stay.
• 4.Help your business endure
• Corporations are able to continue indefinitely,
  no matter what happens with respect to its
  directors, managers or shareholders, and as such,
  are the most enduring legal structure you can
  choose for a business.

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• 5.Give yourself anonymity
• By offering anonymity, incorporation means that
  you can open a small business without ever having
  to make your ownership public.

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• Its important to note, however, that
  incorporation isnt the right solution for
  everyone, and only by seeking professional
  guidance from an accountancy company who also
  deal with entity management, might you fully
  understand your options. On that note, youd be
  strongly advised to seek help from an accountant
  should you decide to incorporate your business
  anyway, since different corporate structures have
  different tax advantages and disadvantages, and
  getting to the bottom of them isnt always easy
  without professional help.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services in Fort
  Lauderdale. If you are looking for individual
  accountant in Fort Lauderdale, Heyer Associates
  would be a right option.