Do I need to incorporate my side business? Which type of incorporation, S Corp, C Corp, LLC, is the right choice for me and my business? What are the advantages and disadvantages of each? These are just a few of the many questions Lori Vajda and Nola Boea had for special guest and business attorney Tanya Bower, a director with law firm Tripp Scott. From protecting your assets to establishing credibility, there’s more to know about incorporating your small business than which corporation to choose.
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In This Episode You’ll Learn
- When incorporating your business may not be the right choice.
- What a prenup is in the world of entrepreneurship and why you need one.
- The main, and maybe even the most important reason, for incorporating your business.
- Why choosing the wrong type of incorporation could cost you personally and financially.
While incorporating your side gig may reduce personal liability, there’s another important reason to do so, as Nola and Lori found out, tax saving. That’s right. Are you a musician on the side? Well, you musical instruments could earn a tax deduction. Photographer, hairstyle or yoga instructor? Yep, your equipment may all be deductible.
Of course you should consult with an accountant or business lawyer before filing your taxes. As attorney Tanya Bower explained, knowledge about incorporation is power, and that power is the ability to know the best way to protect yourself and the future of your business.
Resources
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