If you have a business, one of the things you might be considering is incorporating your business. But you may not know if it’s a good idea or if it’s really worth the hassle. Well, a lot of people have found the benefits of business incorporation and have made the decision to incorporate their own business. Below are three benefits of business incorporation that you may not know about.
- Security – Owners of corporations usually aren’t responsible personally for any business debts. Therefore, creditors aren’t able to pursue your car or home to pay for debts from business. There are also tax advantages, meaning you can write off things such as premiums for health insurance, life insurance, and savings on your self-employment taxes.
- Growth Now & In the Future – Incorporation will bolster credibility. It also may help with reaching new potential partners and customers. Even though you won’t live forever, the corporation can.
- Faster Funds & Easy Transfer – Ownership of corporations can be transferred easily. You can also raise capital more easily by selling stock. A lot of banks prefer to handle the loans of incorporated borrowers.
These are three benefits of business incorporation that many people don’t know about. Yes, it takes some time to incorporate your business and it also can be a bit expensive. However, as you can see there are some benefits too that you can enjoy as the business owner. So, think about business incorporation a little bit more. Maybe it’s for you.
