THE RIGHT BUSINESS STRUCTURE

There's no question that hard work and a little luck is what it takes to BE successful. But a little knowledge, especially when it comes to setting up your business, will help you STAY successful. While many business owners give a lot of thought to location, store décor, customer service, hiring employees and management issues (and rightly so); choosing the proper business structure (such as sole proprietor, partnership, corporation, limited liability company) should receive the same.

Choosing the best business structure (such as sole proprietor, partnership, corporation (C or Sub S), limited liability company) for your particular situation is a critical decision you need to make with your trusted professional advisers (accountant, attorney, banker). But when it’s been determined that some form of corporate structure is best for you, you have a nine-step paperwork process to take care of. Both the decision and the implementation require professional advice and seamless, efficient implementation.

The business form can be the difference between success and failure, especially in today's competitive and litigious marketplace. Incorporating offers these distinct and money-saving advantages.

Asset Protection – If you operate as a sole proprietor or partnership, there is virtually unlimited personal liability for business debts or lawsuits. If you go out of business or are a defendant in a lawsuit, your personal assets are at risk. However, when you incorporate you are only responsible for your investment in the corporation.

Tax Savings – When you incorporate there are numerous tax advantages at your disposal that are virtually impossible to accomplish with other business entities. There are many transactions that you can structure between you and your corporation to save big money on taxes.

Privacy and Confidentiality – The corporate form of business is a great way to keep your identity and business affairs private and confidential. If you want to start a business, but would like to remain anonymous, a corporation is the best way to accomplish this.

Easier to Raise Capital – When you’re looking to raise money through investment or borrowing, a corporation can actually make finding and getting the money you need easier. If you want to take on investors you simply sell shares of stock. If you want to borrow, a corporation can add clout when dealing with banks or other lending institutions.

Increases Credibility – Let’s face it. Most people feel more secure and confident dealing with a corporation as opposed to a sole proprietorship. Having INC. or CORP. after your company’s name adds a touch of professionalism and credibility to your business dealings.

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