If you’re just on your own and you are looking at our options, you most often won’t look at the idea of incorporating.
However, this is something that you need to re-think. It isn’t just something that “big businesses” do anymore, and there are just as many — if not more — advantages for “the little guy” as there are for those larger options.
Top benefits of incorporating my business
Here are some of the top perks to keep in mind when considering the potential of incorporating your business even as an entrepreneur.
● It boosts professional credibility: When you can say that you are incorporated, it has a lot of weight to it. It shows that you have professionalism in the nitty gritty details as well as your daily operations. It can make leery customers much more comfortable in trusting that you are the real deal.
● You can access more financial credits and grants: If you enjoy the option of working from grants and with credits, you’ll be relieved to know that you can often access more options if you are incorporated. It will help you get out of competition with other entrepreneurs and offers you access to higher amounts and better options as far as qualifications and credentials.
● Taxes can be lower: In some provinces, you can enjoy lower taxes, which will do a lot for helping you keep those hard earned funds for yourself. This, of course, will lead you to save on provincial or federal tax, depending on where you have incorporated. The main choice, then, will be determining whether you want to incorporate online within your province, or whether you want to incorporate federally instead.
● It protects you if you are sued or otherwise taken to court: This is the main reason that people look at incorporating, and it is a serious advantage to consider. If someone sues you and you aren’t incorporated, it means that all of your personal possessions and assets all become fair game in a court. Separating it will help you limit the liability. This is often reassuring to those who are self-employed as a second income, or have homes or families, etc.
An option to seriously think about
Many entrepreneurs find that the concept of incorporating seems scary, severe, and “too much of a fuss” when it comes to the idea of making your business the strongest and best version of itself. In reality, the opposite is often true. You’ll be able to help protect your business and also give it that professional appeal that you may not think is possible when it comes to the concept of how it looks from an external point of view. Not sure? Contact us to learn more!
The bottom line with your business, as well as in every other kind of element, is to make sure that you are protected. If you choose to incorporate, you are doing the absolute best that you can to protect yourself as much as you can. That’s what it’s all about. Still not sure? Contact us to learn more!