Business owners who have other partners, members, or shareholders need to consider what will happen to their ownership interest on retirement, death, divorce, or permanent disability. The same is true for co-owners of major investment assets such as real estate held in a corporation, limited liability company, or partnership.
One of the biggest advantages to incorporating a business is the Owners enjoy protection from being held personally responsible for the debts and liabilities of the corporation. A “Corporate Veil” is created between the Owner’s personal assets and […]
The limitations of sole proprietorships.
Many small business owners launch their companies as sole proprietorships. This means that you and your business are essentially one and the same. This also means that your assets and those of the business are also one and the same and […]
Many small business owners launch their companies as sole proprietorships in which they and their businesses are essentially one and the same. However, changing the format of a small business to a corporation can offer personal protection in case debts or […]