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Direct Mail - For Small Businesses
We hear a lot of talk about junk mail nowadays. Many people will tell you that they dump it straight in the trash. But why do you think so many organisations send out so called junk mail - because it works! I dump most of my junk mail just like...
How to hire a Virtual Assistant…
So you have finally made the decision to go out and hire a VA. Now what do you do? Before hiring a VA, you should put down on pen and paper exactly what you expect to obtain from this partnership.
You should always check their references and...
How Yahoo's Recent Facelift Can Mean More Traffic To Your Site
It even surprised me.
Yes, even though I have been pointing out the possibility since July, and was forced by demand to release my study findings before my book was even half finished, I was shocked when I heard the news as well.
You...
When Is The Best Time To Incorporate Your Small Business?
If you're a sole proprietor, perhaps you've considered
incorporating your small business or self-employment activity.
And so maybe you've been wondering, "When is the best time to
incorporate?"
From a legal standpoint, any time is the...
Why a Collection Agency Is Your Small Business's Best Friend
Why a Collection Agency Is Your Small Business's Best Friend
Does the term "collection agency" put you on edge? If you're like many
small business owners, the mountain of debt you accumulated during startup
might have been enough to...
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Is Incorporating Your Small Business Best For You?
There comes a point in time when every small business person
contemplates on whether to incorporate their business or not. A
lot of times small businesses start out sole proprietorships,
and then become incorporated as the business expands and
develops. Small business incorporating can be a difficult
decision, and with this article you’ll gain a little bit of
knowledge on the advantages and disadvantages.
There are many advantages to incorporating your small business,
but limited liability is one of the biggest advantages. When
you have sole proprietorship to the company all the liability of
the company is on the owner. When incorporating the business,
your only liability is to however much you invest in the company.
With sole proprietorship, all of your personal belongings, such
as car and home, can be turned over to help pay the debt of the
business. As a shareholder in the business, you have no
responsibility whatsoever for the debts of the business, that is
of course unless you give a guarantee.
Another advantage to incorporating a small business is the
ability to raise money so much easier. With the ability to
raise money much easier, this increases the odds of the
corporation growing and expanding. Yes, you’re saying any sole
proprietorship can borrow money and incur debt like any
corporation. However, with a corporation you can sell shares
and raise equity capital, which is a big advantage in that you
generally don’t have to repay equity capital and it has no
interest.
There are many tax advantages with becoming a corporation that
you can take a look at as well. Some of these advantages
include income splitting, potential tax deferral and more.
Along with the reasons above, a corporation can have an
unlimited life. The life of a corporation is not dependent on
particular individuals, but the company as a whole. With this,
the company has the opportunity of lasting forever just as long
merges with another company or goes
bankrupt.
Now that I’ve buttered up the idea of incorporating your small
business, let’s take a look at some of the possible negatives.
As you incorporate your small business, there now will be two
tax returns to file each year, one for your personal income and
one for the corporation. This may not be a huge deal, but
unlike a sole proprietorship a corporation cannot deduct its
losses from the personal income of the owner. Plus, having
another tax return is the last thing another business owner
wants to deal with.
As a corporation is much larger and more complex then a small
business, therefore the cost to create one is much higher. Just
to set up the corporation will cost a lot more, then you have to
tack on the increased maintenance fees, accounting fees, and
more.
As with everything else, a larger business means more paperwork
that must be taken care of. Corporations must keep a minute
book, which contains the corporate bylaws and minutes from
corporate meetings. Reports and tax returns must be completed
neatly and in a timely fashion. All of the business bank
accounts and records have to be kept separate from personal
accounts and assets. That may sound like a load, but that is
just the start of the increased paperwork that comes with the
territory of incorporating your small business.
While there are many advantages and disadvantages to
incorporating your small business, the decision ultimately goes
to you. It is a decision that could make or break your
business, therefore much more research is recommended. However,
small business incorporating should be a thing that suites you
and others associated with you best.
About the author:
Small business grants and small business resources to help you start and run your own small business. Small business training, information, articles, loans, and more.
http://www.sites-plus.com
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| United States Small Business Administration |
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| Business & Small Business |
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| Microsoft Small Business Center |
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| SCORE "Counselors to America's Small Business" |
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| Small Business and Self-Employed One-Stop Resource |
| IR-2006-2, January 3, 2006 - Temporary and proposed regulations will significantly reduce tax filing burden for nearly 950000 small business owners. ... |
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| Welcome to Small Business BC your business resource in British ... |
| BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
| www.smallbusinessbc.ca |
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| Small Business Service | Home |
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| NSW Small Business |
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| Small Business Development Corporation |
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