Accounting Q&A: Should You Incorporate?

In this Accounting Q&A episode, we’re diving into a hot topic recently at Thrive Accounting: deciding whether or not to incorporate your business. Incorporating has its perks, but there are also costs and considerations you need to weigh before making the jump. This episode is all about helping you understand when incorporation makes sense, how it affects your finances, and the questions you should be asking your accountant or lawyer.

Topics Covered:

• The upfront and annual fees for incorporating versus the expenses of staying a sole proprietor.
• The reason why you only save on taxes if your business leaves money in the bank.
• How incorporation can act like an insurance policy for risk-heavy industries.
• Why a shareholder agreement is critical if you’re starting a business with a partner.

Incorporating can be a smart move for the right business, but it’s not a one-size-fits-all solution. Know the costs, assess your profits, and ask the right questions before taking the leap!

DM me if you have questions!

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Head over to my website https://www.stacimillard.com/ to grab your FREE copy of my Profit Playbook and receive 30 innovative ways you can add more profit to your business AND the first step towards implementing these ideas in your business!