www.irs.albertcorey.net My name is Albert, with Corey & Associates Tax Accountants. We have assisting out clients with their tax and Corporation questions since 1985. In this video will show how the advantages of starting a new business with a corporation or LLC. There are at least 5 reasons why you open a corporation or LLC. They are personal asset protection, credibility, branding your name, perpetual existence, tax flexibility and deductions.
Personal Asset Protection
Personal Asset protection I think is the most important of the reasons why to open a Corporation. A company is a separate entity from you. When you start the Corporation you become shareholders much like the major company like Walmart and Home Depoit. You see if something happens the shareholders are not held liable. If open a Corporation under your name, someone can sue you since you are held responsible. Should the company go under you personally will not be held for the damages of the unpaid bills.
Credibility is another important part of opening up a Corporation. As a company you become an expert the minute you say the name. The public will not see you as a start up but someone who has been in business for awhile. Trust is very important in today business life and one who has company will be trusted more than a person who does run a company. This could be important in the clients Decision making process.
Perpetual Life is a major reason why you would open a Corporation. With a corporation the name lives on no matter who is president. If you die your personal name or business will die. With a company the name can live on forever. Much like the company you buy from everyday. Wal-Mart is a prime example how the company will live one. Sam Walton died in 1992, but the company he started lives on. Regardless of their size, all businesses can benefit from incorporating.
Tax advantages are a one of the most important reasons why you would open a company. You can deduct almost everything before the amount is taxed. With a LLC or Sub S company the profits are passed on to the shareholders. Now the company pays no regular tax.
Why Corey & Associates Tax Accountants? We have been opening Corporations and LLC since 1984. We will help you choose the right type of corporation that suits your needs. Guide you through the Internal Revenue Service and state process. We will answer any of your corporation questions free of charge. Our office is located at 1800 W 68 St Suite 118, Hialeah, Fl 33104.The phone number is 305-823-9228 and the email is Albert @1040w2.com. Please add us as your friend on Facebook.com/albertcorey . Our Youtube address is Youtube.com/tax1099a.