Author Topic: Incorporate or not?  (Read 163 times)  

Offline hunterone

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Incorporate or not?
« on: March 20, 2017, 04:35:38 PM »
Due to what i earned in 2016.

I ended up getting some spiel from my tax man about how i should consider incorporating.

I have heard a number of pros and cons against it.

Most will say from a tax benefit it's good as you can be in a lower tax bracket, others say you aren't avoiding taxes only deferring them so just pay him what he's going to get anyway and forget incorporating unless you make over $350,000 every year. Others say unless you think you are going to get sued, don't bother.

Interested in hearing from anyone who incorporated or didn't incorporate and why?

Thanks

Offline ilamont

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Re: Incorporate or not?
« Reply #1 on: March 20, 2017, 04:47:38 PM »
Issues related to incorporation have been discussed before in the following threads:

Why, What, When - becoming an LLC, S-Corp, etc.?

Trying to decide among sole proprietorship, LLC, and Incorporation...

dba or LLC for selfpub company?

Aside from the Amazon account question, there are very important business and tax consequences depending on how you do it. Quoting from the second thread:

Quote
you really shouldn't make the decision without consulting a legal professional who has small business experience in your jurisdiction. There are consequences to the decisions, and relying on advice (some of which is flat-out wrong, like the tax comment above) from the internet can result in a far greater financial expense and time wasted fixing the situation than the time and expense of half an hour's time with a qualified professional.

Good luck!

Ian