Many people going into business become so consumed with finetuning their service or product that they overlook the importance of protection afforded to them and their business interests through incorporation.
If you want to avoid a host of potentially damaging issues – including false claims of ownership by others and creditors coming after you personally to satisfy debts of the business – the sooner you incorporate, the better.
When Should a Business be Incorporated?
Utilizing the expertise of a qualified Los Angeles business attorney, one should incorporate their venture as soon as possible.
Telltale signs that it’s time to incorporate include when you have a:
- Partner or employee
- Intellectual property that requires trademarks and other protection
What are the Advantages of Incorporating aBusiness?
Incorporating your business simply makes for a sound business decision because:
- Your personal accounts are kept separate from your business accounts.
If disaster strikes your business, you are legally protected from claimants and creditors for the liability of your business interests.
- It is easier to raise capital for your business.
Whether it is through equity or convertible debt financing, incorporating adds a level of professionalism to your business that most investor will expect and most likely require.
- It makes for better tax planning.
Through incorporation, you will potentially have access to a diversity of tax deductions, including being able to write off payroll taxes, salaries, and bonuses.
Incorporating your business is among the most important steps you can take as a business owner.
To learn more about how to legally protect your company/business please call Hakim Law Group to schedule an appointment with the highly experienced and reputable business attorney in Los Angeles, Afshin Hakim at 310.993.2203 or complete our online form.