Protect your personal assets by Incorporating your Business

[cassie]

A corporation has a liability shield that will protect your personal assets from being taken in case of fraud, lawsuits and other losses in the business. If you are in a partnership you can lose personal assets by something your partner does. To protect your personal assets, It is highly recommended that you incorporate your business. Even partnerships can be incorporated these days.

[ebonyeyez]

this is one of the only things that actually frightens me about having a buisness partner, the fact that you can suffer from their mistakes.

[tropigal08]

You absolutely can suffer from a partners mistakes! My husband and I learned that the hard way in the early 90's. It took us a long time to get over that setback. I always incorporate and I never want a partner again, period!

[bubble]

We too used to have a business partner, and after a couple of years things slowly started to fall apart because of his wrong doings. Thankfully it wasnt drastic enough to end the business, but it did leave us with a few thousand in debts. In the end we were just glad to have rid of him and carried on by ourselves.

[elvenrunelord]

A LLC or Limited Liability Corporation provides about as much protection as your ever going to get from corporate structure. These babies make you almost immune to everything under the sun.

[Lissy]

My husband and I have an Internet-based business that we plan to incorporate not very far in the future. Many people involved in this business have already done so, and it makes perfect sense. One thing I especially like about corporations is all the tax benefits they get.

[elvenrunelord]

Many of those benefits can be obtained by other means than incorporation. Corprations cost money to manage and keep legally straight. So sometimes a simple S corpration is better for the smaller business...A S corporation is technically a corporation but is much less complicated to manage than some of the others.