Double taxation can be avoided in full or in part ...

2008-05-23T12:03:00.000-07:00

Double taxation can be avoided in full or in part with the proper tax planning. For example, becoming an S corporation is a popular way to avoid the issue of double taxation. As for the cost of legal assistance, that is nearly always far outweighed by the tax savings of incorporating. For example, I offer a retainer that includes free phone calls that costs less than $85 per month while my client save thousands in taxes. In my opinion, nobody should ever do business as a sole proprietor. Even without the personal asset protection, the tax savings alone is often enough to justify the cost of incorporation.

Incorporating a business have the advantages which you said above. It also have disadvantages such as double taxation and the need of a professional for legal assistance in taxation and legal matters. What do you think?

Comments on Legal Tips & Commentary: Why Incorporate Your Small Business?

Double taxation can be avoided in full or in part ...

Incorporating a business have the advantages which you said above. It also have disadvantages such as double taxation and the need of a professional for legal assistance in taxation and legal matters. What do you think?