The fees are considerably less and we don't plan to sell shares of our business anyway.
2006-08-29 05:01:03 · 2 answers · asked by wildheavenfarm 3 in Business & Finance ➔ Corporations
The short answer is yes but you might want to consider other options as well. An LLP or LLC also provides some shielding from personal liability and have different tax options. A good accountant can look at your revenue and other circumstances and advise you on your best course of action. Incorporating isn't always the best answer.
2006-08-29 07:03:17 · answer #1 · answered by white_yack 3 · 0⤊ 0⤋
You mean Incorporate without issuing public stock?
Certainly can. When one Incorporates, stock is issued, but only to the owner or owners. With more than one owner, stocks are issued to each, based on their investment and/or agreement among themselves.
One can Incorporate as a Sub Corporation. Don't know how that functions.
It is advisable. Relieves personal liability, and reduces personal taxes, based on the Corporation profits. A Corporation will be taxed at a lessor rate than an individual.
Your salary is taxed as an individual.
2006-08-29 12:16:38 · answer #2 · answered by ed 7 · 0⤊ 0⤋