We help to set your business or next venture up for success with sound incorporation strategies

Our seasoned accounting and auditing professionals partner with organizations of all sizes, types, and “tenures” to ensure their operations run efficiently and cost-effectively. Whyte & Associates gets great pleasure from providing sound guidance and counsel to businesses throughout Claremont, California, and the greater Inland Empire. This guidance evolves as the company develops and grows. As a legacy business (founded in 1956!), we appreciate all the ebbs and flows, the growing pains and the triumphs alike, that accompany running and sustaining a business.

We can set your new or next business up for success from the get-go with sound incorporation expertise. After all, incorporating one’s business is about more than accurately and completely documenting paperwork. The implications of choosing the proper structure or entity for your operation are substantial. How you structure your business influences your:

• Liability protections and if you and your assets will be held personally liable for debts and lawsuits against the business

• Taxes: for instance, some corporations may be subject to double taxation if they don’t make additional tax elections (and is responsible for income taxes on both business income and distributions to its shareholders) – so incorporation can be used as a viable tax strategy 

• Capacity to raise capital (i.e., corps may have optimal flexibility in financing as, for example, stock may be issued to acquire new investors)

Entrepreneurs who do not register or incorporate their business are automatically considered to be “sole proprietors.” Such proprietorships mean that the individual entrepreneur is 100% liable for lawsuits and other legal action taken against the business. The same level of liability applies to those partnerships, which include at least two people (the exception is those partnerships structured as “limited”). LLCs of one or more people have protections. So, their personal wealth is not on the line when the business gets sued. Except for S Corps, whereby owner numbers cannot exceed 100, the one or more corporation owners are personally protected from suits. They are also subject to corporate taxes, excluding S Corps and tax-exempt nonprofits. 

Incorporation and the business structure are about more than dotting the “i’s” and crossing the “t’s,” as crucial as adequately filing paperwork may be. There are genuine consequences for your personal wealth and business sustainability, depending on how you incorporate and the structure that you select. Give the process the attention that it deserves. Call us today at (909) 575-0080 to schedule an appointment with one of our highly qualified business consultants.

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