Incorporating Your Small Business
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If you are thinking about starting a small business, one of the factors that you should consider is whether or not to incorporate it. Most people that are investing any sizable money into a small business usually make sure their liabilities are covered by incorporating their business. Incorporation is easy, here are some tips.
There are many choices to make when incorporating your business. While incorporation usually means creating a corporation, other similar legal entities are available such as a limited liability company and an S – Corp. Each type of entity has their own pros and cons, but should be looked into with either your lawyer or accountant.
Usually, you can incorporate your business for about $500 and up. The service includes filing your entity with the state government, receiving a tax ID, conducting a name search, articles of incorporation, embossed seal, minutes and by laws, and stock transfer ledger. Usually you can incorporate your business in just a couple of weeks or it can be expedited in certain situations. Entrepreneurs that are planning on investing more than a few thousand dollars will usually opt for incorporation to protect their liabilities and their personal wealth. Another good reason to incorporate your business is for the prestige. Customers definitely view corporate entities as legitimate businesses and usually trust them more than sole proprietor vendors.
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