There are many advantages when you make the decision to incorporate, such as tax savings, limited personal liability, and a formally structured business organization, to name a few. Hiring a south Florida business formation attorney for a consultation can help you better understand these and other advantages that incorporating can provide for your company, and can be an important step in forming your business.
Corporations are more likely to receive loans
For new businesses, it can sometimes be difficult to get everything off the ground and running financially. If the company has been incorporated, many banks and other financial institutions are more likely to provide financing. In fact, some institutions may even require incorporation. A south Florida business formation attorney like Mark Schecter at Schecter Law meet with you to determine if this may be necessary for your business to get the financing it needs.
Corporations are easier to sell
While selling the company is not typically something business owners consider when choosing a structure type for their business, it is important to note that corporations are generally much easier to sell than partnerships or sole proprietorships. This is due to the fact that corporations usually do not carry over any of the previous owner’s mistakes or wrongdoings when a new owner takes control. A proprietorship does not afford this luxury, and potential buyers can sometimes be wary of purchasing the company for this reason.
Corporations have an organized business structure
The day-to-day operations of a business that is not incorporated can be rather informal and seem unorganized. A corporation has a specific and formal structure in place that defines the roles of each member within the organization. This often makes business management more efficient. Before making any ultimate business decisions, however, it is important to consult with a business formation attorney who can help you fully understand your options.
Corporations receive many tax breaks
Incorporating can mean tax savings for the company in a variety of ways. Retirement plans can be set in place and made tax deductible. Insurance that is provided to employees and their families may even be fully deductible. For more information regarding these or other tax break opportunities, it is highly advisable to schedule a consultation with a business formation attorney.
The benefits mentioned here are only a short summary of all that incorporating a company has to offer. A knowledgeable and experienced South Florida business formation attorney, such as Mark Schecter at Schecter Law, can give you more information regarding these and other advantages. If you would like to know more, contact Schecter Law today by calling (954) 779-7009.