3 Reasons to Incorporate Your Business

July 27, 2022

Is it time to incorporate a company for your business? Here are three reasons why you may wish to discuss incorporating a company:

Limit Your Liability

If you run your business as a sole proprietorship or a partnership, your personal assets may be at risk in the event of business loss or liability. Incorporating a company can separate your personal assets from your business and may mitigate the risk of running a business personally.

Tax Benefits

Your accountant may recommend incorporating to take advantage of tax benefits. Make sure you get tax advice and discuss with your accountant potential tax savings, to ensure that it is worth the initial incorporation costs and the additional legal and accounting costs to maintain the corporation and file income tax returns.

Managing Multiple Owners

If you are running a business with others, it can be challenging to manage relationships and operations when there is more than one owner. Incorporating a company makes ownership clear and sets rules about the relationships between the owners and what their rights and responsibilities are.

If you have your own business and are considering whether to incorporate a company or not, contact me at MJB Lawyers for a consultation on whether it is time to incorporate.

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