Corporate Attorneys Corning NY

This page provides relevant content and local businesses that can help with your search for information on Corporate Attorneys. You will find informative articles about Corporate Attorneys, including "Costs And Benefits Of Incorporating Your Business". Below you will also find local businesses that may provide the products or services you are looking for. Please scroll down to find the local resources in Corning, NY that can help answer your questions about Corporate Attorneys.

Cynthia Sharron Hutchinson
1 W CHURCH ST
ELMIRA, NY
Specialties
Commercial, General Practice, Estate Planning, Trusts, Business
Education
Case Western Reserve University,University of Rochester
State Licensing
New York

Seth Thomas Hiland
(607) 734-2271
1 W CHURCH ST
ELMIRA, NY
Specialties
Corporate, Business
Education
Cornell Law School,University of Notre Dame
State Licensing
New York

Donald William Mustico
303 WILLIAM ST
ELMIRA, NY
Specialties
Estate Planning, Elder Law, Business
Education
Notre Dame Law School,University of Notre Dame Magna Cum Laude with a bachelors degree,New York Stat
State Licensing
New York

Alan Parsons
(607) 734-2271
1 W CHURCH ST
ELMIRA, NY
Specialties
Commercial, General Practice
Education
Cornell Law School,Dartmouth College
State Licensing
New York

Susan Marie Betzjitomir
(607) 776-4200
50 LIBERTY ST
BATH, NY
Specialties
Criminal Defense, Child Abuse, Appeals, Child Custody, Divorce, Estate Planning, Business, Real Estate, Bankruptcy, Education, Personal Injury
Education
Cornell Law School,Cornell University,Cornell University,Corning Community College, Corning
State Licensing
New York, Pennsylvania

John R. Alexander
(607) 734-2271
1 W CHURCH ST
ELMIRA, NY
Specialties
Corporate, Business, Banking, Tax, Health Care
Education
Cornell Law School,Brown University
State Licensing
New York

Conrad R. Wolan
(607) 734-2271
1 W CHURCH ST
ELMIRA, NY
Specialties
Litigation, Commercial, Employment, Education
Education
Cornell Law School,Michigan State University
State Licensing
New York

Joseph William Wheeler
1 W CHURCH ST
ELMIRA, NY
Specialties
Business, Contracts
Education
Cornell Law School,American University
State Licensing
New York

William C. Ughetta
1 W CHURCH ST
ELMIRA, NY
Specialties
Commercial, General Practice, Estate Planning, Trusts
Education
Harvard University Law School,Princeton University
State Licensing
New York

David B. Pawlak
(607) 734-6191
HSBC Bank Building, (Formerly Marine Midland Bank), 150 Lake Street
Elmira, NY
 

Costs And Benefits Of Incorporating Your Business

Long ago, when a person went into business, they risked losing their personal assets if the business failed. Then, along came the corporation, and things started looking up. There are advantages to most types of business structures, but incorporation tends to have the greatest advantages and protections for business owners.

By incorporating your business, you will be gaining protection from personal liability. If a business is incorporated, the corporation is responsible for all debts owed by the business. If the business is sued, the corporation is being sued - not the business owners. The business owners personal assets are protected by the corporation.

One of the most attractive benefits of incorporating is the tax savings. The tax savings you may realize are dependent upon the type of corporation you choose - C Corporation or S Corporation. Income shifting, where income is divided between the corporation and its shareholders in a manner that lowers taxes for both the shareholders and the corporation, is one of the potential tax advantages. Favorable tax treatment of fringe benefits is also possible, which allows incorporated businesses to deduct up to 100% of insurance premiums with the proper insurance plan.

There are also no limits or restrictions on the amount of capital losses that a corporation may carry back or forward to subsequent tax years. Further more, individuals may be able to realize tax savings by leasing their personally owned property, such as real estate or automobiles to the corporation. A business owner can also save money in self employment taxes. A business owner who does not incorporate his business (sole proprietorship) must pay self employment taxes on all profits, however, if the business is incorporated, the business owner will only owe self employment taxes on the amount that was actually paid to him, in the form of a salary. A tax professional will help you determine which type of corporation will give you the greatest benefits.

Ownership of a corporation is easily transferable is you decide to retire or get out of the business. Stock is simply transferred to other stock owners, heirs, or back to the corporation. A corporations life is not dependent upon the life of it's members. When a member dies or sells out, the corporation continues to exist and do business.

If your business is incorporated, operating capital can be raised more easily, by selling stock, and investors are e...

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