When you incorporate yourself, it becomes easier to manage income, separate personal from business income, legally distance from the corporation, making tax time less confusing.
Incorporating your small business means you can determine when and how you receive income from the business, a real tax advantage.
Individuals can also set themselves up as an individual entrepreneur (self-employed person) which means that they don’t have to form a legal entity as a sole proprietor.
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Corporate Tax: As a self-employed individual, incorporating your business means that you will be subject to corporate tax.
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Personal Income Tax: Even though your business is now a separate legal entity, you may still be required to pay personal income tax on the income you receive from your corporation.
The processing time for incorporating a business generally takes 3 to 6 weeks, although incorporating online can be significantly faster. After incorporating your business you will have to apply for S corporation status with the IRS.
It is the largest genealogy website with a free license, meaning that anybody can contribute to and help anyone else’s research by adding more information or editing out incorrect information.
The internet is a big place with lots of easily accessible information. And with BC having an online incorporation system, it makes it even easier!