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Outsourced accounting services | increasing profit through incorporation

Many business owners donít understand that incorporating their business can benefit them greatly, says outsourced accounting services. They often think that incorporating the business will be too much work, will be complicated, and they may even think that their business is not big enough, or they need to have more employees in order to incorporate. These things are all common misconceptions about incorporating, and in fact all businesses, no matter how big or small they are, or how many employees they have, or how much money they make, can incorporate. Incorporating a business is very simple, and fast, and every business who incorporates can start seeing immediate benefits from incorporating. There is no reason why all businesses should not make the decision to incorporate their business as soon as possible.

One of the most significant change than a business that incorporation can bring them says outsourced accounting services is tax savings. The top personal tax rate in Alberta is an abysmal 48%, while the small business tax rate is 11%. Any business owner who incorporates can immediately start saving taxes by only being taxed 11%. Thatís an up to 37% savings in taxes, that any business owner can access. That is one of the biggest reasons right there why business owners should make the decision to incorporate their business.

The reasons why saving taxes for business is so significant, is because it can help business owners much more quickly save money in order to make asset purchases. Since business owners all moved to buy assets at some point in their business, whether itís equipment to help them do their job, vehicles for their business, or purchasing a building, businesses can more easily save up for these purchases if they are paying less in taxes. Since 29% of all businesses who have failed within five years said running out of money was a contributing factor to their businesses failure, helping businesses save more in taxes can help them free up cash, to use either as operating capital or to buy assets that can help them increase their business. Call us if you want top Outsourced Accounting Services today!

Another reason why saving taxes and business is so important for business owners, is that can help entrepreneurs accumulate wealth. Whether they are saving money for their retirement, for a vacation or just for their future, by faxing the business owner less, can help them be able to save more money for their future. This is extremely important because the reasons why many business owners become entrepreneurs is in order to help them achieve a better future, through wealth accumulation. Business owners who do not incorporate their business, are missing out on this extremely important opportunity.

These are just a couple of the benefits of incorporating business, tax savings is one of the largest and most well-known reason, there is also many other reasons why business owners should choose to incorporate. By helping business owners understand the truth behind incorporating, and busting their misconceptions, entrepreneurs can make better decisions about their business and their future.

Outsourced accounting services | increasing profit through incorporation

One of the favourite quotes of outsourced accounting services comes from Confucius and it says life is really simple, but we insist on making it complicated. This is especially true when it comes to entrepreneurs considering incorporation. Often times many entrepreneurs mistakenly think that incorporating their business is too much work or too much hassle. So they decide to not incorporate, continuing to operate their business as an unincorporated business or as a sole proprietorship, which causes them to miss out on all of the fantastic benefits that incorporating the business can bring them.

In addition to the significant tax savings that entrepreneurs can enjoy as an incorporated business, there are many other benefits the first one says outsourced accounting services is limiting entrepreneurs personal liability. Many entrepreneurs are under the impression that as a sole proprietor, their business would be the one that takes on the liability if they ever got sued. This is unfortunately not true because if a business is not incorporated, every time the business owner goes on to a job site, or works on a job, they run the risk of being personally sued. And if a business owner is personally sued all of their assets are also at risk. Whether itís a car they own, our house. If the business owner has his family living in their that business owner house, is putting them at risk as well. It would be devastating for an entrepreneur to get sued and lose everything including their home. If an entrepreneur becomes incorporate, their risk of being sued greatly decreases. The reason for this is because the corporation then takes on the liability of the business owner. This does not mean that business owner cannot be sued, but their risk greatly diminishes.

Outsourced accounting services says another benefit of incorporating a business is in order to protect their trade name. The reason for this is, business owners who donít incorporate donít actually own their name, they may have registered it, but that only place holds their name. If an entrepreneur incorporates using that tradename that has been registered, they will get the legal right to the name. Business owners who have spent time building brand recognition as well as developing a reputation around that name should incorporate for the sole reason of protecting that name.

Some companies that are hiring contractors may insist that those contractors are incorporated, because if they bring someone onto their job site who is not incorporated that company may be forced to consider that worker as they are employee which increases their risk, and they donít want that hassle. Business owners who incorporate can ensure that they are landing all of the jobs that come their way, instead of having to turn some down because they are not incorporated.

These are just some of the many benefits of incorporating, business owners would like to learn all of the benefits, as well as learn about how easy it is, they should talk to their outsourced accounting services today about incorporating their business. It is quick, easy, and can be life changing for a business.