You are are beginning to feel rewarded for all your time and efforts you put into your small business. You are expanding your clientele quite rapidly, and your profits are starting to soar. Chances are you are asking yourself if developing your sole proprietorship business into a corporation is the right choice for you. The attorneys at Albut Law would like to help you by providing you with valuable information to help you in making this decision.
There are many advantages in choosing to become a corporation, eliminating the risk of being liable for accidents is just one of them. Your company is no longer associated with your personal life, which protects you from any losses or trouble the company may become involved in. So if an employee has an accident on the job, or if you lose important client data during a power outage, you do not have to worry about losing your house or personal assets. Your corporation gives you the protection you need for peace of mind.
Tax benefits are much better for corporations, and are not taxed as much as a small business is. It is even much easier for an incorporated business to receive loans from banks. Your company now looks more reputable than it did before, attracting positive attention and more clients. Your company also has the potential to live far longer than you can expect. Since the company no longer solely depends on you, it can continue to grow and see profits even after you die. Transferring ownership of your company is also much simpler as a corporation, should you choose to go that route.
Leaving your small business vulnerable to liability damages if very risky. Call Albut Law today and speak with one of our experienced attorneys. We will be happy to assess your situation, and give you specialized guidance and legal advice. Incorporating your company minimizes big business blunders, act now while you still can.