Incorporating a business provides protection to the principals. The corporation, once established, is a distinct entity recognized by the law. It can sue and be sued. It has a FEIN Number for tax purposes, and most importantly for the small business person, it protect your personal property from risk of loss as a result of a corporate error, omission, or lawsuit.
Small businesses may also take advantage of the tax laws to avoid double taxation of the entity and then the shareholder by declaring the entity as an “S” corporation which allows a pass through of dividends to the shareholders directly as though the entity were a partnership.
My office will provide the following legal service to small business seeking to incorporate and protect personal assets in your business venture.
The typical incorporation process costs less than $1,000. Given the fact that the corporate structure serves to protect personal assets, it is a cost of the business start-up process that will provide you with peace of mind.