Whether you’re just considering a new business idea or already act as a sole proprietorship or general partnership, you may wonder if incorporating your business is right for you. Discover why the benefits of incorporation can outweigh any downsides.

The pros

• Secure your assets, gain tax breaks. Corporation owners enjoy limited liability protection, and are typically not personally responsible for business debts. So creditors can’t pursue your home or car to pay business debts. Another plus: corporations often gain tax advantages, writing off such things as health insurance premiums, savings on self-employment taxes, and life insurance.
• Grow your corporation for now—and the future. Incorporating bolsters credibility, and may help you reach potential new customers and partners. And while you can’t live forever—your corporation can. Even if an owner dies or sells interest, the corporation still exists.
• Easy transfer and faster funds. Corporation ownership can be easily transferable (with some restrictions on S Corporations). Capital can be raised more easily through the sale of stock. Another advantage is that many banks prefer handling loans with incorporated borrowers.
• Ready for retirement. Retirement funds and qualified plans, like a 401(k), can be easier to establish.

The cons 

• Double taxation. C Corporations are subject to double taxation of corporate profits when income is distributed as dividends. This can be avoided by electing S corporation tax status with the IRS.
• Ongoing fees. You must file articles of incorporation with the state, plus applicable fees. Many states impose ongoing fees—which are steeper for a corporation than for a sole proprietorship or general partnership.
• More record keeping. Corporations must follow initial and annual record-keeping requirements—which sole proprietorships, general partnerships and Limited Liability Companies (LLCs) avoid.

Incorporating can be simple but choosing the best type for your future needs can be confusing.  We are here to help with phone consultations at the low price of only $50 per phone call and up to one hour.  How great is that?  For an appointment, email us with the date and time that you would like, and we will do our best to accommodate your needs:    

Feel free to email or call us at:

1-888-364-0484     ContactUs@NewsomeTax.com

Our office availability is as follows: 

Monday thru Thursday between the hours of 9:00 AM EST and 5:00 PM EST, with extended hours to 7:00 PM EST during Tax Season.

For extended availability beyond the above referenced hours, we will have to charge an additional $25 and apologize for any inconvenience. 

Our average price ranges between $300 and $850 based on location, incorporation type, & timeliness requirements.  Once your information is submitted to us, we will reply with pricing options. 
All you will have to do is choose the option that best fits your needs and submit your payment.  Your business formation will then begin! 

If you have further questions, we are always available form Monday thru Thursday between the hours of 9:00 AM EST and 5:00 PM EST, with extended hours during Tax Season. 

Feel free to email or call us at:

1-888-364-0484     ContactUs@NewsomeTax.com