often question whether or not incorporation
is right for their small business. It is an undertaking that requires a great deal of time and effort, after all - not to mention the legal fees associated with it. However, the liability that a small business owner personally assumes if he or she is not incorporated is quite high, and one runs the risk of losing it all should they wind up in court.
"It costs very little, about $250," Ari Flemenbaum, a business and corporate law attorney with Chicago’s Griffin & Jacobson, told NBC Chicago. "Compared to the time, money and effort - we’re in a very litigious society. Small businesses need to protect their personal life from their business - not to mention the tax issues."
Once a small business owner opts to incorporate, he or she must decide which structure to file under. Typically, the most popular structure is LLC or S corp. These both offer a great deal of asset protection, so if an entrepreneur
ends up with a large amount of debt, they will only be responsible for the portion of capital that he or she invested in the business.
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