Why Incorporate Your Business?
:Asset Protection- Operating as a corporation or LLC ,provides better asset protection then a Sole proprietorship.
Example A. Sole Proprietorship
let’s say your business which is operating as Sole proprietorship ,gets sued by a vendor,the vendor receives a $50,000 judgement against your business.As a Sole proprietorship,not only is your business responsible for this judgement,but any other property such as your house can also be levied or lien placed to collect on this judgement.
Example B. S Corporation
Now let’s assume the same $50,000 judgement above,but now you are operating a S Corporation. The vendor can only enforce the judgement Against your S corporation,protecting all of your personal assets such as your home etc.
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