Youâ€™ve been successfully running a small business for quite some time, and youâ€™re doing it as a sole proprietorship or a partnership. Well, good for youâ€”youâ€™re one of the entrepreneurs who make our economy grow strong (a great majority of economic growth comes from the small and medium business sector). But do give a thought about incorporating.
Why incorporate? Well, why not?
For one thing, incorporating will create a new legal entity, and can protect you from whatever liability you may have as an individual. You also get some tax perks, which will generally improve the businessâ€™ cashflow.
Itâ€™s not usually difficult to incorporate. It only takes but a few hours to at least a day. In the end, the small amount of time and effort (and money, of course) you will have to spend on incorporating will be well worth it. It makes good business sense, after all, to think of the long term and the bigger picture.