Incorporating a business can provide several benefits, including:
Limited liability: Incorporating a business limits the personal liability of the owners, also known as shareholders, for the company’s debts and legal issues.
Tax advantages: Incorporation can provide tax benefits, such as the ability to deduct business expenses and potentially lower tax rates on business income.
Increased credibility: Incorporating a business can increase credibility with customers, partners, and investors, as it demonstrates a level of professionalism and commitment.
Attracting investors: Incorporating a business makes it easier to attract investors and raise capital.
Perpetual existence: An incorporation has a perpetual existence, meaning that it will continue to exist even if the shareholders or directors change over time.
Disclaimer: The Answer is provided by ChatGPT to the question: Why should someone incorporate their business?