Do I need to incorporate my business? The best answer for that question is maybe…but not right now. If you have an interest in forming a new business, don’t rush out to the nearest law firm and spend a lot of money to form a corporation or an LLC. The best advice that I have is to operate it as a self-employed individual for the first year, and maybe even a couple of years,
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Many individuals form a new business and are often in a rush to incorporate because of advice from friends and other advisors. This is usually a big mistake, and can be rather costly if the business doesn’t meet expectations, and closes.
Before you call your attorney to incorporate your business, you need to understand what the benefits are, and also the possible negative aspects. Besides, there are a few more types of business organization that you might want to consider.
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