OPEN a Corporation or LLC 5 Reasons. They are personal assets protection,credibility,branding your name,perpetual existence,tax flexibility and deductions.
Personal Asset Protection
Personal Asset protection I think is the most important of the reasons why to open a company. A company is a separate entity from you. When you start the company you become shareholders Good example are Walmart and Home Depot If the company goes out of business , shareholders are not held liable. Business that are not a Corporation, the owner is responsible. The means the owner has to pay the unpaid bills or damages.
Credibility is another important part of opening up a company. As a company you become an expert the minute you say the name. The public will not see you as a start up. It looks as if you been in business for a while. Trust is very important in today business life. One who has company will be trusted more than a person who does run a company. This could be important in the clients Decision making process.
Perpetual Life is a major reason why you would open a company. With a corporation the name lives on no matter who is president. If you die your personal name or business will die. With a company the name can live on forever. Much like the company you buy from everyday. Wal-Mart is a prime example how the company will live one. Sam Walton died in 1992, but the company he started lives on.
Regardless of their size, all businesses can benefit from incorporating. Advantages of forming a corporation or Limited Liability Company (LLC) include:
Tax advantages are a one of the most important reasons why you would open a company. You can deduct almost everything before the amount is taxed. With a LLC or Sub S company the profits are passed on to the shareholders so the pays no regular tax.
Why Corey & Associates Tax Accountants? We have been opening companies and LLC since 1984. We will help you choose the right type of corporation that suits your needs. Guide you through the Internal Revenue Service and state process. We will answer any of your corporation questions free of charge.
Our office is located at 1800 W 68 St Suite 118, Hialeah, Fl 33104.The phone number is 305-823-9228 and the email is Albert @1040W2.com. Please add us as your friend on Facebook.com/albertcorey . Our Youtube address is Youtube.com/tax1099a.
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Posted in Uncategorized | Tagged Asset protection, Corporation, Hialeah Florida, Internal Revenue Service, Limited Liability Company, limited liabilty company, LLC, oopen a, open a Corporation HIaleah, Sam Walton, Walmart.