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Incorporation and other business structures
ОглавлениеIncorporating a business can help protect you personally from lawsuits and creditors. You will need to research this carefully, and you may want to hire a business lawyer to help you set up your business properly. You may also want to contact a certified accountant to help you with any tax issues that may arise from your company.
In the US, you can either create your business as an S corporation (“Inc.”) or limited liability company (“LLC”). Creating an S corporation or an LLC can shield you personally from lawsuits and creditors. For more information, go to www.sba.gov as well as www.ccr.gov (the Central Contractor Registration website).
In Canada, you can either incorporate your business or create a sole proprietorship. If you incorporate your business you will have limited liability, which means that you will be protected from creditors and lawsuits. If you choose to start out as a sole proprietorship, you will have lower start-up costs, but you must be aware that your company will have unlimited liability, that is, you will not be protected from creditors and lawsuits. You can always start as a sole proprietor and choose to incorporate your business as your company evolves.
In Canada you can also register as a partnership, which means you and your partner will share all the profits and losses of the business. If you decide to take on a partner, carefully consider all the advantages and disadvantages of doing so. Many small companies and businesses have people who run things internally but who may not have the capacity or desire to sell, market, promote, or be the front person, and vice versa. Make sure you and your partner have skills that complement each other’s, and that the business is a good fit for both of your personalities.