Whether you are just getting started or have been in business for
several years, incorporation may be something on your mind. We are happy
to provide face to face assistance to business owners considering
incorporation. There are several benefits to incorporating or forming an
LLC, some of which include:
- Protection of personal assets. The formation of a
corporation or LLC allows you to keep your personal assets away from
those associated with your business. One of the primary benefits of company incorporation,
the protection of assets is essential due to the nature of our
litigious society. Should a claim or lawsuit be filed against your
business, your general financial wellbeing is guarded.
- Credibility. When a company name is followed by “LLC”
or “Inc.,” there is an increased perception of credibility. Often, there
is an unrealized preference amongst customers and even vendors to
associate and do business with an incorporated organization.
- Tax benefits. Incorporating gives you the opportunity
to separate business profits and losses from your personal taxes and
take advantages of tax credits and deductions you may otherwise not be
eligible for.
- Deduction of expenses. Normal business expenses such
as employee salaries may be deducted from business income by the
corporation or LLC prior to estimating taxable income, thus allowing
more monies to be contributed to business growth.
- Continuity. Should ownership change in the LLC or
corporation, the existence of the company will not be threatened. If
ownership changes in a partnership or sole proprietorship, the same does
not hold true. Simply put, incorporating better ensures the legacy of
your business.
- Brand protection. Your company branding is important
to your reputation and, therefore, your long-term success. In most
states, incorporating prevents another business from operating under the
same name as your corporation or LLC.
Whyte & Associates has helped numerous entrepreneurs incorporate their businesses. We understand the importance of information and guidance in the development of a solid foundation for your business. Our staff has extensive familiarity with the various forms of corporations, including LLC, S-Corp, and C-Corp. We are happy to meet with you to discuss the advantages and disadvantages of this action. Call (909) 575-0080 today.
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