Are you thinking of starting a business? Not sure where to start or how best to set it up?
There are several business vehicles to consider, among them incorporation. Incorporation is a legal process whereby a legal business entity is created in order to insulate the owners of a business from liability. This process is governed by federal or provincial law, and it is crucial to employ someone who is familiar with the laws and regulations of your jurisdiction. There are many steps that one may take in order to incorporate, and at Grinhaus Law Firm, we can take care of all of them for you.
There are several advantages to incorporating your Ontario business. Using your personal identity to get a company started can be a common practice, but as time goes on and your business starts to grow, it is not a good long-term strategy. If your company should encounter legal problems or have liabilities such as those owed to creditors, you will be personally exposed to the debts that the business may have accrued. Incorporating can help shield your personal assets from being exposed to those liabilities.
Once a company is incorporated, the business will be subject to the lower, corporate tax rates. Corporations are subject to lower tax rates as compared with the individual tax rate. Lower tax rates mean that there is more money available to help grow the business.
Setting up your business is only the beginning. We have helped hundreds of clients set up their businesses in a variety of industries, please contact us to learn more about what you need to get your business up and running!
Please Contact Us to find out more about incorporation and starting a business.
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