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Taking The Next Step With Your Business |
| Paul Sanford |
The years of hard work and sacrifice have finally started paying off. What began with a dream and huge gamble with your savings account—not to mention the countless hours of hard work and sweat—is now a viable and financially stable enterprise.
Where once you only worried about making enough money to pay your salary now there are employees and their benefits to take care of. In short, your small business has grown up and now it is time to take the next logical step: protecting your assets.
In partnerships or sole proprietorships, the personal assets of the owner(s) may be attached by creditors. Worse still, in today's litigation-frenzied atmosphere where anyone with any substantial assets has a legitimate concern over being sued and losing everything that they have worked so hard to gain, personal property may be used to settle a lawsuit filed against the person's business! When there was little to lose there was less concern about such matters but those days are over and now you have to do what is necessary to ensure that your home and personal assets are not stripped away from you by some frivolous lawsuit that somehow got way out of control!
Incorporation is not solely about insulating your personal assets from the debts and obligations of the company. Perhaps your small business has grown as much as it can without a major capital infusion that will be necessary to evolve to the next level. Corporations are better organized and more likely to raise that capital than the partnership or sole proprietorship. In the event that you are now ready to set up retirement accounts or 401k plan for your employees and yourself, it is easier to do with a corporation. Ownership becomes easily transferable when you incorporate should you decide to sell the company at a later date or pass it on to your children. Simply stated: incorporating your small business is the next logical step if you are hoping to grow it into a medium-sized business and protect your assets in the process. Do not allow all of your hard work, sacrifice, and sweat be taken away in the blink of an eye! Give your business the tools and advantages it needs to move onward to that next rung on the ladder by incorporating today!
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| Quotes | If I work incessantly to the last, nature owes me another form of existence when the present one collapses. -- Goethe, 1829
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