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Whether you're just considering a new business idea or already act as a sole proprietorship or general partnership, you may wonder if incorporating your business is right for you. Discover why the benefits of information can outweigh any downsides.
One of the primary advantages that corporations offer is that their owners enjoy limited liability protection and are typically not personally liable for the business's debts. This means that creditors can't seize your home or car to pay business debts. LLCs also provide limited liability protections; sole proprietorships and partnerships do not provide any liability protection.
Another benefit to incorporation is that corporations often gain tax advantages and can write off items such as health insurance premiums, savings on self-employment taxes, and life insurance.
Incorporating bolsters creditbility and may help you reach potential new customers and partners. And while you can't live forever - your corporation can. Even if an owner dies or sells interest, the corporation still exist.
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