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Why You Need To Incorporate Your Business

Whether you're looking to form a C-corporation, S-corporation, or LLC, it's important to weigh out all of your options before making the decision to incorporate your business.Forming a corporation allows your business to continue indefinitely, even after directors, officers, and shareholders have come and gone. If you ever decided to sell your business, incorporating it can make the transfer process much smoother. A corporation establishes value and credit independent from it's owner, making it much easier to sell.

Incorporation can provide several benefits to a small business owner. First and foremost, incorporation allows your business to exist as a separate legal entity from your personal life. This ensures that your personal assets will be protected from any financial mishaps that may result from your business. Incorporation also provides businesses with other financial advantages through lower tax rates and the ability to raise outside funds through stock sales.

How to Incorporate and Choose the Right Legal Entity

The most common legal entities one can choose are C corporations or S corporations. A C corporation has an unlimited number of shareholders and a non-U.S. shareholders can have multiple sums of stock. There is also a chance of double taxation if the incorporation profits are distributed among shareholders and their dividends are reported on their individual income reports. S corporations are another option where the incomes and losses of the business are divided among shareholders. These numbers must be reported on their individual tax return. Depending on the needs of your shareholders and business owner, the type you need will vary.

Another common legal entity is a limited liability company, or LLC. An LLC offers more flexibility in the structure of the management and members typically are responsible for debts beyond the fiscal ability of the incorporate entity.

Incorporation and Top States to Incorporate In

Delaware is a popular state to incorporate your business in. Researchers have determined that 50 percent of U.S. publicly-traded corporation on the New York Stock Exchange have sought out incorporation service in this state and over 60 percent of Fortune 500 businesses have used this state for their incorporation needs. This popular state is the most advanced and flexible among the nation and the Delaware General Corporation of Law offers the lowest fees for your incorporating needs.

Nevada is the second favored state when it comes to incorporating a business. A few factors that set the state apart from the rest: officers and directors don’t have to be residents of Nevada; stock holders can remain private if preferred; and one individual can hold all officer positions. The annual franchise tax required by the other states is not required in Nevada. If you are interested in learning more about the tax requirements and intracasies of incorporation click here to review our buyer guide.

Quick Tips for Incorporating Your Business

Here are some things to think about as you go through the incorporation process.

  • Choose a name for your corporation. Do some research beforehand to ensure that your name has not already been taken.
  • Decide whether your business will be an S-corp., C-corp., LLC, sole proprietorship, or partnership. Consult an attorney or business advisor to help determine which is right for you.
  • Determine who the company directors will be. This information must be filed with the Articles of Incorporation.
  • If you choose not to hire a lawyer to help incorporate your business, there are several resources you can take advantage of.