There are a few things to consider when deciding whether or not to incorporate your business. The first is the level of liability protection you need. If you are incorporated, your personal assets are typically protected from business debts and liabilities. This may be important if you are starting a business that has a high risk of liability, such as a business that involves manufacturing products or providing professional services. The second thing to consider is the tax implications of incorporation. Generally speaking, incorporated businesses are subject to higher taxes than unincorporated businesses. However, there are some tax benefits that incorporated businesses can take advantage of, such as lower taxes on dividends and the ability to deduct business expenses. The third thing to consider is the administrative burden of incorporation. Incorporated businesses must file annual reports and keep detailed records of their finances. They also typically have stricter requirements for corporate governance, such as holding shareholders’ meetings and electing directors. Overall, incorporation can offer some significant benefits, but it’s important to weigh the pros and cons carefully before making a decision.
At Bell, Jacoe & Company, we pride ourselves on staying up to date with the latest legal developments. This means that when our clients come to us to incorporate a new company, they can be confident that we will use the most legally sound corporate structures. Our team is experienced in handling all aspects of corporate law, from tax law to company registration. We understand that the corporate environment is constantly changing, and we are dedicated to making sure that our clients’ businesses are always compliant. If you have any questions about incorporation or any other legal matter, we encourage you to get in touch with us. We would be more than happy to provide you with the advice and support you need.
There are four basic steps to incorporation:
- First, we reserve your company name with the corporate registry.
- We enter into an incorporation agreement.
- We establish the company’s articles.
- We file an incorporation application with the corporate registry.
For more information on corporate law, read our COMMERCIAL LAW page, or call us for a consultation.