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Those considering company incorporations should talk with the professionals at Whyte & AssociatesPosted By Whyte & Associates
- Limited liability – One of the biggest benefits of incorporation is the legal protection that owners are afforded. The government considers the company a legal entity and the debt it incurs and profit it generates belong to the company, not to the owners. As a result, the owners or shareholders are not personally responsible for claims.
- Tax rates – Tax rates for trading income, passive income, and personal income vary greatly. Business owners should be prepared to discuss the personal circumstances of each shareholder and think about the tax implications of incorporation. Shareholders will need to identify whether they will be taking a salary for their day to day expenses or stockpiling profits.
- Accessing cash – Under an incorporation, the company retains business profits. They can be extracted through salaries and bonuses, dividends, or liquidating the company. Each of these strategies have different tax implications.
- Administration – Incorporating can be quite an undertaking. Owners must submit documentation of all major activity and transactions including board meetings, management conferences, and shareholder meetings. Additionally, financial transactions must be detailed and are often more complex than other business structures.
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- Those considering company incorporations should talk with the professionals at Whyte & Associates
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