How to Incorporate Your Business
If your small business has begun to rapidly expand, it’s time to think about the next steps that allow you to maintain momentum while also protecting your personal and financial interests as you move forward. Incorporating can often be one of the best ways to prepare for this next phase of growth by removing personal liability from owners, and ensuring a company is entitled to the many benefits that come with being established as a separate entity.
If you’re looking to tackle the market like never before, there’s no better time to make sure your business is prepared to make the leap from fledgling startup to bonafide heavyweight.
The Big Leagues Are Calling
Still on the fence as to whether or not you’re ready to incorporate? You’re not alone! Incorporation is one of the most important moments in any business’ growth. Once incorporated, your company becomes a legal entity separate from its owners and directors. This gives entrepreneurs greater freedom and personal security by removing their personal liability in the business (in most cases), and allows the company to gain access to the perks associated with being an independent corporation.
Benefits of becoming a corporation include:
- More flexibility when it comes to filing taxes
- Better financing and grant options
- Access to small business deductions and lifetime capital gains exemptions
- Stock options for employee retention
- Simplified ownership transfers should you choose to sell, retire, or leave the company
Incorporating offers entrepreneurs a way to protect yourself as your company grows, giving you a solid foundation for success and peace of mind.
We’re Here to Help
Since 2011, Paperclip Law has been proudly partnering with companies throughout the Lower Mainland and Greater Vancouver Region. We understand that growing your business is one of the most exciting and nerve-racking experiences for any entrepreneur. Why? We’ve been there ourselves! Our team is passionate about removing the confusion and fear that can often come with big moves like incorporating, allowing you to feel confident and secure in every decision you make. From guiding you through the initial paperwork to helping your business avoid common pitfalls like failing to file double tax returns and compliance documentation, Paperclip is here to assist you, every step of the way.