Incorporating is the standard for many in business today because of the level of protection it provides in protecting your personal assets against the claims of creditors and lawsuits.
Starting a corporation involves filing the Articles of Incorporation (also called a Charter, Certificate of Incorporation), listing the purpose of the corporation, its principal place of business and the number and type of shares of stock.
It’s important to carefully consider the type of business entity that is right for you. You may feel an LLC is more suitable for you because it is often a more flexible form of ownership, especially suitable for smaller companies with a limited number of owners.
Yet there are important legal benefits to incorporating your business. The primary benefit is the safeguarding of personal assets against the claims of creditors and lawsuits. Individual proprietors and general partners are personally and jointly responsible for all the liabilities of a business such as loans, accounts payable and legal judgments.
In a corporation, however, stockholders, directors and officers typically are not liable for their company’s debts...
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