Corporate Attorneys Watertown NY
25032 COUNTY ROUTE 37
Prenuptials, Family, Business, Corporate, Military Law
State University of New York at Buffalo School of Law,University of Kansas at Lawrence,Columbus Stat
Patrick L. Evans
240 Washington Street
Richard Paul Ready
170 OLD COUNTRY RD
Real Estate, Commercial, Residential, Insurance
Thomas M. Pitegoff
10 BANK ST STE 540
WHITE PLAINS, NY
Syracuse University College of Law,Sarah Lawrence College
Walter Scott Kershaw
1 West St
Commercial, Real Estate, Tax
William Frederic Ramseier
229 JOHN ST
Real Estate, Estate Planning, Criminal Defense, Business, Personal Injury
City University of New York Law School
Phillips, Ann E - Schwerzmann & Wise Pc
215 Washington Street
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Chrystie Hale Perry
350 Park Avenue, 11th Floor
New York, NY
Cambridge University,Harvard University Law School,Yale University
Massachusetts, New York
Linda Ellen Romano
330 MADISON AVE
NEW YORK, NY
Business, Commercial, State, Local And Municipal Law, Public Finance
University of Virginia School of Law,Boston College
Eric Steven Rosenberg
708 3RD AVE
NEW YORK, NY
Commercial, Real Estate, Corporate
Connecticut, New York
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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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