Incorporation Lawyer
Should I Incorporate or Not?
A person who may possibly be looking into starting their own small business might ponder with the question of do I need to be incorporated? That is an excellent question to ask yourself when starting on the road of business. What benefits or risks may come with incorporation? Speaking with a business lawyer who can incorporate your business is always recommend before you make this decision as they will have deep insights in this subject.
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Many benefits becoming Incorporated
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Benefits of Being Incorporated
- Limited Liability: A individual may choose to become incorporated due to limited liability. Seeing a corporation will have its own separate identity. Your personal assets, such as automobiles, homes and other property are protected in the event that your business is sued.
- Tax Savings: Corporation taxes may be lower than your own personal taxes.
- Corporate Sales & Future Ownership: Another big benefit of being incorporated. If an owner of a business passes away or no longer wants to run the company, a corporation can carry on business without them. It can be sold, or gifted to relatives. In contrast, a as sole proprietor, the business is the same as the person who owns it; therefore, when the person ceases activity, the company itself also ceases.
- Raising Capital: If you are a business owner, there may come the point where you would like to expand your business by raising money from investors, or by giving shares to employees. There are many private and group investors in the world that help small businesses grow by giving the company a cash injection. It is much easier to raise funds for the growth of your business if you are incorporated rather then being just a sole proprietor by selling shares or giving debt. Also, in many cases, lenders may give an established corporate business a lower rate of interest.
- Company Name Protection: unlike a sole or partnership that has virtually no name protection for the business, an incorporation gives your company a certain amount of “name protection.” If anyone copies your name for their business, you may have the right to stop them. This protection is much stronger if you have a trademark, which is an asset that your corporation would own and can license out or sell.
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How do I become Incorporated?
The most common and easiest way to become incorporated is to speak to a business lawyer whom specializes in setting up a corporation. You may come across websites that show you how to DIY, but you may lack the legal knowledge to do it right the first time. Making a simple mistake in the setting up of a corporation can become problematic in the future. As you are a specialist in your niche a business lawyer is a specialist in his. You will find that speaking to a lawyer to help you become incorporated may save you money as well as a whole lot of time when setting up this platform.
It is highly recommended to seek the advice of a corporate lawyer. A lawyer is there to protect, guide & advise you through your journey as an entrepreneur and will always look out for your best interests.
Eugene Hretzay is a highly experienced business lawyer and CPA that serves Mississauga and the entire GTA. He invites you to give him a quick call today to discuss your possible needs of becoming incorporated. Let Eugene start you down the right path of this business journey.