Incorporate or not?
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Incorporate or not?

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This topic contains 1 reply, has 2 voices, and was last updated by Avatar of Anthony Anthony 6 years, 6 months ago.

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  • #4513
    Avatar of mell
    mell
    Member

    I have a small gardening company that operates under my own name. People keep telling me to incorporate. Why should I do that?

    #4536
    Avatar of Anthony
    Anthony
    Moderator

    If the people telling you to incorporate are your lawyer and your accountant, there might be something there. Make sure that it is in your best interests, legally and financially.
     
    One of the key reasons for incorporating is to keep your personal and business assets separate. If you are operating as a proprietorship and something goes wrong, for instance, if there is an injury and you get sued, there is very little protecting your personal assets. You could lose your house, car, Etc. Insurance policies can offer some protection for this kind of thing, but having an incorporated company adds an additional layer of protection. It would be the corporation’s assets at stake, not your personal assets.
     
    There can also be tax advantages to incorporation, but this is really something you should be discussing with your business accountant.

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