Looking into Business Incorporation in North Georgia?
If you are interested in starting a new business, incorporation in Georgia may be a wise move to make. Incorporating your business is essentially legalizing it and separating it from you as an individual for tax and other purposes. You might not think that separating yourself from your business is a good thing, but it can actually be absolutely vital for both your personal success and the success of your business.
Different Types of Business Entities
There are many different types of businesses, and there are also many ways to legalize them. Here are the basic options:
- Sole Proprietorship
- General Partnership
- Limited Partnership
- Limited Liability Partnership
- Limited Liability Company
- Limited Liability Limited Partnership
- C Corporation
- S Corporation
As you can see, those are a lot of options. Understanding which one will benefit you most involves a thorough understanding of your business, your resources, your plans, and the laws of Georgia. It’s wise to seek legal advice before choosing an option for your business.
The Difference Between a Sole Proprietorship and a Corporation
A good example of how drastically different these options can be is the difference between a sole proprietorship and a corporation. Here’s just one major consideration: If you have a sole proprietorship, the entire business rests on you. If you were to pass away or otherwise back out of the business, it would completely dissolve. On the other hand, having a corporation means that your business can continue on in your absence.
Protecting Your Personal Property Through Incorporation
If your business is not incorporated, that means that it is still intertwined with your personal finances. Legally, if your business were to get into any sort of trouble and its assets were to be depleted, you could personally be held accountable for that.
When you have a corporation, it means that your personal assets are separated from your business assets. It’s a way for you to protect your home, vehicle, and other property in case trouble strikes. That’s absolutely essential, especially if you want to make sure that your home and family life stay safe and secure.
Possible Tax Breaks
Choosing the right way to legalize your business can also offer you possible tax breaks. It can lead to the ability to deduct more business expenses. You can also avoid being double taxed for certain items, which could happen if your business isn’t registered the proper way.
Let Us Help You Determine the Best Course of Action
If you’re still confused about which option would best fit your business, you aren’t alone. Many business owners are overwhelmed by that decision, especially since making the wrong choice could lead to a lot of problems later on. That’s why seeking help from experienced legal professionals is so important.
To learn more about the different options for incorporation, please call us at 706-692-7226. We would be happy to setup an appointment to discuss your options with you and answer any questions you may have about the process. Our experienced team understands the subtle and not so subtle differences between each option. We will walk you through the process as quickly as possible. That way you can get back to focusing on making your business a success.