1. Liability Protection
Everybody who’s anybody knows that running a business comes with risks. While we all hope that our business will prosper and we won’t have to deal with liabilities, it's always a good idea to put some precautions in place.
Incorporating your business gives it a separate legal identity. This legally separates you from your business thereby exonerating you from liabilities related to your business. In other words, even if things don’t go as planned, you’ll still have your personal assets and savings … creditors won’t be able to go after them.
2. Tax BenefitsGuess what?
The tax rates for corporations are also lower than individual tax rates. Nice, right?
Corporations also offer additional tax deductions and benefits that are not available to partnerships or sole proprietorships:
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