Small Business Attorney.
Many business owners start their new business without considering the importance of incorporating. Incorporation is the process where you set up your business as a separate legal entity distinct from you personally. Whether you have a large business with numerous employees or a small business renting homes, incorporating your business has many advantages. Below are some of the most notable benefits to incorporating your business.
LLC and Corporate Formation and Business Transaction Attorneys
Asset Protection. One of the most important benefits of a Limited Liability Company (LLC) or corporation is that they can protect your personal assets from your business’s liabilities and debts. When an LLC or corporation is properly managed, it can prevent you from losing things such as your personal bank accounts or home in a lawsuit against your business. Both can also prevent business creditors from pursing your personal assets.
Tax Benefits. There are numerous tax advantages for incorporating your business. By creating a separate legal entity, you can arrange transactions between you and your business to save big money on taxes. In addition, incorporated businesses can deduct business expenses like employee salaries or even health care expenses before making distributions to owners. Choosing the proper entity can drastically reduce your taxes.
Name Protection. Incorporating your business allows you to protect your business’s name. Once you are incorporated, no other business can use your business’s name or name that is too similar. This is a powerful marketing tool. Preserving the integrity of your business’s name also safeguards your business’s reputation in the community. It can prevent confusion with another less reputable competitor.
Professional Integrity. Another major benefit of incorporating your business is the instant credibility that comes with having LLC, Inc. or, Corp after your business’s name. In today’s business environment, consumers increasingly seek professional and specialized businesses to handle their needs. Incorporating can legitimize your business and give you instant authority in the market place.
Emergency Management. For most business owners, your business has been your life for many years. Usually, it is also your primary source of income. It is vital then that you have a plan in place in the event of an unexpected tragedy or other event that prevents you from managing your business. Incorporating your business allows you to choose a successor to manage the business if you should for some reason become un able to. Creating such a plan can prevent unnecessary confusion among your family as to who should take over the business. Perhaps more important, it will prevent serious disruptions in your business that could lead to a loss of customers. Planning ahead is key to ensure a smooth transfer of management should you become unable or unavailable to manage your business.
LLC Formation and Corporate Formation
Incorporating your business offers numerous advantages. However, it is vital that you select the right type of company or entity to ensure it fits your needs and accomplishes your goals. To maximize your benefits of incorporating it is important that you speak with a qualified attorney. The business attorneys at the law firm of Atlas Law, PLC, are experienced in helping large and small businesses with their professional needs. We can provide you with the peace of mind that comes from knowing that your business is properly set up and managed.
Our firm office is in Plymouth, Michigan. Our attorneys can guide you through the incorporation process and answer any questions you have about Limited Liability Companies (LLC’s), Corporations, S Corps, C Corps, Limited Liability Partnerships, Professional Limited Liability Companies (PLLC or PLC’s), and other corporate structures. We offer free consultations. Contact our office at office at (248) 773-5555.
About the Author: Aaron R. Shahan is the founder of Atlas Law, PLC. Aaron dedicates his practice to virtually all aspects of estate planning, elder law and probate.