Incorporation
At the start up phase of your business or during a change in your business, proper legal structure can help you avoid or reduce liability. The options to the legal structure of your business are many. You can remain a sole-proprietor. Many businesses have succeeded under this simple structure. However, a sole proprietor is responsible for all business debts and obligations personally. You can create a partnership. However, unless specified otherwise, all partners are responsible for the debts of the partnership personally.
You can limit liability by incorporating. Variations of incorporation include a Limited Liability Company (LLC) that is a hybrid of favorable tax consequences like that of an individual with the added protection from personal liability.
There are other structures to contemplate: a limited liability partnership (LLP), a professional corporation (PC), a S-Corporation and a C-Corporation to name a few.
Please contact our office for a free consultation to learn more about the many options and benefits to incorporating your business. Contact
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