Business is good and you are happy with where it is going. Do you keep things as they are, or do you figure out future ways of being able to protect yourself? The best thing, in many instances, is to incorporate your business if it is taking off. That way, you get the protections that come from a larger sized business. Incorporation is important for companies that are on an upward trajectory, but it is not the answer for all companies. Here are some of the things that come from incorporating your business.
Benefits of Going Incorporated
The protection provided by incorporating your business is the most important benefit that you can get. When you incorporate, your personal assets become protected from both lawsuits and creditors if your business struggles. Your business will also be able to claim larger tax benefits than a sole proprietor or even an LLC can claim. There are more responsibilities that come with incorporation, but they are minor compared to these benefits.
With an incorporation, you have greater options when it comes to raising capital for your business. You can apply for different types of loans and you can also transfer your business easier than with other business types. Your reputation and brand change when you are incorporated, which can help you potentially franchise down the line. After you pass on, your business can continue to grow if set up as an incorporation instead of dying with you.
Get Legal Assistance When You Want to Incorporate
There are websites you can go to that say you can incorporate on your own, but they leave out dangerous details. You need to make sure you have legal assistance when you go through this process if you want your business to be truly protected. Reach out to us here at Bell & Shaw Law, as we are experienced business attorneys that can help you incorporate your business properly. Let us help you ensure that your business is set up in a way that provides you the protections and benefits you seek. Call us today and set up a consultation or appointment.