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Incorporating, or turning your small business into a corporation simply means that the business is a corporate entity, separate from its owners. When you incorporate, your business removes the sole proprietorship or partnership ownership.
Incorporation is a big step, so here what you need to know.
Advantages of Incorporation
Disadvantages of Incorporation
So, should you incorporate your business?
The purpose of mentioning the pros and cons of incorporation was to generate a basic understanding of how your small business will be transformed. This has given you the information to make a decision. Incorporation is perfect when your vision of the business is to grow and develop on a large scale.
However, if you know that your business is not going to grow beyond what it is now, then incorporation is not right. Furthermore, if you are the sole employee, then incorporation is definitely not appropriate.
Each person’s situation is different. To get the best answer to this question, consult with ATS Accounting, where we will completely understand your business and business vision to give you the right answer.