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Benefits of Incorporating

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Benefits of Incorporating

What are the benefits of incorporating?

Does the new provincial tax rate affect your business? Are you eligible for the Small Business Deduction? Only if you’re a corporation! We’ve put together a list of these and other benefits of incorporating:

Should i incorporate?

When you decide to start your own business, you need to determine what type of business structure best suits your needs. Business structures range from sole proprietorships, corporations, partnerships, limited liability partnerships or joint ventures.

The most common forms of business arrangements are a sole proprietorship or corporation. But is that the right structure for you?

In brief:

What are the advantages of incorporation?
The main advantages of incorporation include limited liability and significant tax savings. Other advantages include income splitting opportunities, continuous existence, transferability of ownership, and ability to take advantage of the Lifetime Capital Gains Exemption.
How does incorporation protect me from personal liability?
Because the corporation owns the assets and debt rather than the owner, the owner’s personal assets will be shielded from creditors and lawsuits.
What are the disadvantages of incorporation?
Setting up a corporation is costly, maintenance of corporate records is required, close regulation, and the need for directors to prove their residency or citizenship.

Click here for more information about each type of structure.

-Shira Kalfa, BA, JD, Partner and Founder

© Kalfa Law 2018

The above provides information of a general nature only. This does not constitute legal advice. All transactions or circumstances vary, and specified legal advice is required to meet your particular needs. If you have a legal question you should consult with a lawyer.

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