Five Reasons To Incorporate Your Business
With nine to five jobs offering less long-term security these days, many individuals are turning their ideas, passions, and side-hustles into business start-ups. However, once the enterprise begins to scale up, there are many financial and legal implications to take care of, which need to be handled professionally. In addition, having the correct business entity could be the difference between success and failure.
At Marwah Law, we understand the challenges entrepreneurs face, and that is why we want to empower you to march onwards and upwards confidently. So, to ensure that you put your best foot forward, we’ve compiled a list of five reasons to incorporate your business.
1. Tax Benefits
As an incorporated enterprise, you will be able to write off business expenses and enjoy many travel and entertainment perks. Also, taking advantage of legal accounting will enable you to minimize your tax liability and maximize deductions.
2 Separate legal existence
As a separate legal entity, you will be able to protect your assets and have limited liability. It means you can conduct business without the fear of losing your home, savings, or car if the company goes through a bad patch.
3 Easier access to capital
It will be easier to borrow money from a bank, as you will have many options to repay the debt you take on as an incorporated business. You could also issue company stock shares to raise capital which will help to expand the business.
4. Continuous existence
Corporations have a continuous business structure that can carry on long after directors leave. Therefore, over the years, your firm’s reputation will be cemented as an established business and foster greater trust with customers.
By incorporating your organization, you can maintain your anonymity which ensures that you can build brand equity without being the face of your business.
We hope these five reasons encourage you to incorporate your business and take it to the next level. If you need assistance incorporating your business, get in touch with Marwah Law. As a leading boutique law firm in Ottawa, Ontario, we specialize in Canadian immigration, real estate, wills and estates, business, franchises, leasing, and notary services. We always make clients our number one priority and operate across the Greater Ottawa Region.