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Company Incorporation Registration Consultants in St. Thomas Town
MS Legal Associates:
Incorporating a business means turning your sole proprietorship or general partnership into a company formally recognized by your state of incorporation. When a company incorporates, it becomes its own legal business structure - set apart from the individuals who founded the business. Through incorporation, the company's owner or owners create a separate legal entity to transact business. This new business entity - corporation or limited liability company (LLC) - transforms the way the business is seen through the eyes of the law and often has more credibility with potential customers, vendors and employees.
An incorporated business (also called a corporation) is a type of business that offers many benefits over being a sole proprietor or partnership, including liability protection and additional tax deductions. Forming a corporation also allows you raise capital through sale of shares of your company.
The primary benefit to business incorporation is limited liability. When you own a small business, you will invest a lot of money into not only getting it launched, but in keeping it running smoothly as well. As the owner you are responsible for any debts and losses your business may accumulate along the way. However, when you incorporate, you are typically only held responsible for the amount of money you personally invest. Your personal assets typically cannot be used to satisfy the debts and liabilities of your business.
1. C Corporation: the most common business entity. It is formed as a separate legal entity that's wholly controlled by company shareholders.
2. S Corporation: offers liability protection to shareholders, and shareholders enjoy certain tax breaks not offered under other business structures.
3. Limited Liability Corporation: LLCs benefit from side-stepping double taxation on corporate profits (members report profit or loss on their individual tax returns).