Who Should Incorporate
Whether you’re a small business owner with no employees or with hundreds, there is no greater way to protect yourself and your personal assets from the threat of lawsuits than by incorporating. Incorporating is also a legal and simple way to cut your taxes, lower your audit risk, increase your privacy, build credit, raise capital, and let you live the corporate lifestyle.
Roughly a million corporations are formed each year and the number is growing every year.
If you operate a business (even a home-based or part-time business), contemplate starting a business, wish to protect your personal assets or are thinking about estate planning, establishing a corporation or LLC can provide a simple and inexpensive foundation.
Can you be sued?
The average man or woman in the United States today experiences five lawsuits in his or her lifetime. The odds are that one of these is a devastating lawsuit.
You can and must safely shelter your assets from lawsuits before a lawsuit strikes. The law deals quite harshly with those who seek last-minute transfers of assets in an attempt to defraud creditors. What this means is that you must realize now that you can run into financial trouble. You must recognize and come to grips with your own vulnerability. When you get this reality under your skin, only then will you have the sense of urgency necessary to take action to protect yourself from the virtually inevitable.
Most of those who have assets to lose occasionally consider taking action to protect their assets and lower their taxes. The reminder may strike around tax time or when a lawsuit or other tragedy strikes. However, the consideration often fades when the danger subsides. Then, the procrastinator is usually leveled with a financial blow that robs the individual of hard-earned resources. Do not let another day go by without establishing your own corporation or LLC.