If you are a business owner in Ontario, you may have toyed around with the idea of business incorporation. When you incorporate your business, it becomes a legal entity that is separate from any of the individuals who own it. If you’ve ever thought about whether or not you should incorporate your Ontario business, here are three reasons why you should definitely consider it.
- Unlimited Life – Do you want to keep the business in your family after your passing? Business incorporation allows for the life of the business to continue indefinitely until it is dissolved or merged with another business, or the end goal of the business is accomplished.
- Transfer of Shares – When you incorporate your business, you can easily divide up your business’ financial worth into shares that can be given or purchased by family members, friends, and employees.
- Investment Capital – For many business owners, growth and development is their number one goal. In order for a business to grow, it often needs the help of outside investors. Turning your business into a corporation may attract future investors because shares in the business can be easily transferred.
In addition to these advantages, business incorporation also gives business owners certain tax advantages. An incorporated business also protects the owner of the business from being personally liable for most company damages or debts. If you want to take your business a step further and give it room to grow, consult with an attorney to begin the process of incorporating your Ontario business.
Need business incorporation in Toronto ON? Contact us at Grinhaus Law Firm. We offer high-quality legal services, flat-rate pricing, and free consultations. Give us a call today!