Incorporating a business may seem like a daunting step in your burgeoning enterprise, but the benefits are numerous. If you are unsure whether this big step is right for your company at this point in time, then take a look at some of the benefits and hurdles of incorporation. This information will help you make an educated decision on whether this momentous decision is right for you.
A major factor for many companies considering incorporation is taxes. There are many ways in which becoming a corporation will change the way you handle money within the company and the way that money is taxed. For example, an incorporated business has the right to spend money growing the business before allocating money to the actual business owners. This could drastically alter the amount of taxable income your business claims. In order to decide whether or not this is beneficial, you and the other owners may want to sit down with your accountant to discuss how money is being allocated currently.
Another thing to consider when discussing incorporating a business is branding. If you’ve spent time and money growing your business and creating a reputation within the community that is associated with a particular name and logo, then those two things become assets worth protecting. When a company becomes incorporated, other entities are prohibited from filing with the same name in the same state where you are incorporated. This helps prevent confusion when it comes to your hard-earned brand.
If you are ready to discuss incorporating a business with a team of focused and experienced attorneys, then it’s time to call the offices of Goldenberg Heller & Antognoli, P.C. With years of experience in business law under their belts, our lawyers can guide you toward the right path for your company. Give us a call today at (800) 782-8492 or contact us here.