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Thinking of going into business? Maybe your side hustle has really started to take off? Many entrepreneurs are surprised by how inexpensive incorporation is. This is especially true given the benefits it can afford.
Some key advantages to consider:
- Liability Protection: Canadian companies are separate legal people. They can buy, sell, and hold property, borrow money, sue, and be sued. In all but the most exceptional cases, corporate debts cannot be recovered from owners’ personal assets.
- Tax Treatment: Companies are taxed differently than individuals. For example, income of a corporation is not taxed at the same rate as employment wages and deductions for items such as CPP and EI do not apply to dividends.
- Brand Protection: Incorporating reserves a company name under which you will operate in B.C. No other B.C. company may register under a name that is too similar to the one you have registered.
McLeod & Schneiderat helps new and experienced business owners grow and maintain their businesses. Contact us to find out how we can support your (next?) big idea!