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I'm trying to figure out what kind of business structure my

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I'm trying to figure out...
I'm trying to figure out what kind of business structure my partner and I need for our online business. We want to protect our individual personal assets, yet are not sure of the tax benefits or disadvantages of incorporating.
Submitted: 1 year ago.Category: Canada Law
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Answered in 1 minute by:
10/7/2016
Lawyer: Debra, Lawyer replied 1 year ago
Debra
Debra, Lawyer
Category: Canada Law
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Hello! My name is***** you for your question. I'm reviewing it now, and will post back again shortly.

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Lawyer: Debra, Lawyer replied 1 year ago

There are always both pros and cons to incorporating.

And if your business takes off you will be glad to have incorporated.

For now it may seem a bit more daunting as there are more complicated issues to deal with such as keeping minute books etc.

But if you start off right then you are making an excellent investment of your time and perhaps a bit more money now.

The major benefit to incorporating is that the corporation is a separate legal entity and therefore your personal assets and even your reputation can be protected.

As well, if the business takes off and you want to sell it is cleaner and simpler to sell a corporation.

From a tax point of view so long as you have an accountant to help you, at least at the begining you can possibly come out ahead. You can take out money from the corporation as employees and/or by declaring dividends.

There is some cost to incorporating and setting things up right and you will need to pay an account to do your corporate tax return which is an additional expense but generally worth it if the business goes forward.

Does that help as a starting point?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

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Lawyer: Debra, Lawyer replied 1 year ago

Is there anything more I can help you with at this point in time?

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