Benefits of Incorporating
By Bernard Fruchtman, Esq.
(This article is excerpted from TaxTalk -Plain & Simple)
As a new year begins it’s an excellent time to examine the legal structure that you’re using to operate your business. If you’re conducting your business as a sole-proprietor you may be missing out on getting the benefits of some potential tax saving techniques. A corporation is a separate legal entity from the person who owns it. This means that if the corporation enters into business deals, owns property, borrows money or conducts other business activities that you, and your personal assets, will in most cases be protected from personal liability. Only the corporation’s assets will be at risk to satisfy claims against the corporation. More…