The short answer is “Yes!” Incorporating your business, either as a corporation, limited liability company, or limited liability partnership, offers significant advantages over regular partnerships and sole-proprietorships. If you live in Southern California, an Orange County business attorney can quickly help you incorporate your business.
What Are The Advantages Of Incorporating?
An Orange County business attorney can help you understand the pros and cons of incorporating for your particular business. However, the following are listed as some of the desirable benefits of adopting a corporate form:
- Asset Protection– In a sole-proprietorship, you are personally liable for the debts of your business. Your business is also liable for your personal debts, and in a partnership, the debts of your partners. Incorporating creates a separate legal entity. As long as you observe the proper corporate formalities, you are not responsible for the corporation’s liabilities and vice versa.
- Tax Benefits– Many tax breaks and incentives are available only to corporations, and you will need to incorporate to take advantage of them.
- Perpetual Life– A corporation can continue forever, and unlike a sole-proprietorship, does not cease to exist when the owner passes. If you are concerned with what will happen to your business in probate, incorporating may be an efficient way to plan your estate.
- Raising Capital– If you need funds for your business, you can sell part of the ownership of your corporation to raise capital.
Incorporating your business can make it safer, more efficient and more profitable. For help setting up your corporation, contact the skilled Orange County business attorneys at Daily Alijian, LLP for a consultation. Call 949-861-2524.