Why Incorporate?
The benefits of forming a corporation or LLC can include: protecting assets through liability protection , tax savings, reducing chances of a tax audit, and developing a professional identity with customers.
We simplify the filing process, saving you time and money, which provides you with the benefits of incorporation or forming an LLC that thousands of customers are enjoying today!
Incorporate at an Affordable Price
MyCorporation offers you the benefits of incorporating or forming an LLC—at an affordable price.
- Forming a business with us is a cost-effective way to protect personal assets and gain potential tax savings.
- Our incorporation services start at just $149 (plus required government fees).
- Lawyers charge, on an average, over $200 per hour. With our document filing services, you'll know exactly what you are getting, and how much it costs from the very beginning.
You could file all the necessary incorporation documents yourself. However, when you consider the time involved for filing, administering, and maintaining all the documents necessary to keep your business running legitimately... why would you? Let us help you get it done, so you can get back to business!
Liability Protection
What Do You Have to Lose?
As a sole proprietor, your liability for business debt is unlimited. Personal assets such as your home, personal bank accounts, and other valued assets may be at risk.
What does this mean? It means that if your business experiences severe financial difficulties, creditors can take away your personal property such as your home, retirement savings, or any other asset you or your spouse own.
In our increasingly litigious society, it is becoming ever more important to limit your exposure and protect yourself from liability.
Incorporating your business draws a firm line between your personal and business assets, helping protect your personal assets from risks or debts associated with running your business.
Tax Savings
Self Employment Taxes and Deductions
If you are operating as a sole proprietor, you will be required to pay self-employment tax on your profit, currently at 15.3%.
If you incorporate your business, only the salary you pay yourself is subject to self-employment tax. Depending on your situation, you may be able to save as much as 50% on your tax bill.
Self-Employment Tax Savings Calculator : Our calculator can help you figure out potential tax savings as an S-Corporation.
Hidden Benefit of Incorporating
Reduced Chance of Tax Audit
Sole proprietors tend to be more likely to file incorrect returns (many are self-prepared), and tend to underreport revenue or overreport deductions.
For these reasons, the IRS has audited a much higher percentage of sole proprietor tax filings than corporate filings in recent years.
In tax year 2006, a Schedule C filer stood a 1 in 32 chance of being audited. For nonbusiness filers, the odds were around 1 in 124.
This means that sole proprietors are significantly more likely to be audited.
Build Credibility with Your Customers
Develop Your Professional Identity
Distinguishing yourself from the competition by establishing a professional identity helps increase credibility with your customers.
Most businesses choose to incorporate to prove their legitimacy to both customers and suppliers. Adding "INC." or "LLC" after your business name gives you the credibility and professionalism that many customers are looking for.
