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Corporations

Forming a corporation is one of the most valuable and versatile steps you can take in promoting your financial well-being. The number one reason for forming a corporation is protection from personal liability.

Incorporating your business separates your corporate assets from your personal assets so your personal assets are usually not at risk. Starting a new business venture is always risky. Many variables, some of them out of your control, affect the outcome. A failure can be very draining to your hard assets and capital. By incorporating, you separate your personal assets from those of your business, and thereby normally shield any assets that are not part of your business, such as your home, car, personal bank accounts, etc.

Incorporation enhances the sense of stability and permanence. Many businesses start with one person and grow. No matter how large or small your business, you will have a confidence-building corporate presence.

Consulting, franchises, long-standing hobbies have all been the basis of profitable full- or part-time businesses. (But where there is the potential for reward, there is the possibility of risk.) Incorporation positions your fledgling company for entrepreneurial success and it may also shield your personal assets from risk.

Substantial tax benefits may result from incorporation. Among the areas positively affected are personal and corporate taxes and asset ownership. (Safe deposit boxes, bank accounts, and boats are among the many assets that may be held by corporations.)

A Delaware corporation is an extremely flexible tool for organizing your company and its assets favorably. A Delaware incorporation may provide an optimal legal structure no matter where it is located, the type of business conducted or the size of the company.

The benefits of incorporation vary from state to state. Delaware is nationally recognized as "The Corporation State." Over 50% of the Fortune 500 companies are incorporated in Delaware. Delaware is a "corporation-friendly" state. Delaware offers a favorable system to maximize the benefits of incorporation to a small businessman. It is your legal right to incorporate; no special status is needed.

Some of the many advantages of a Delaware corporation are:

  1. There is no minimum capital requirement to form a Delaware corporation.
  2. Your identity, as owner, may remain anonymous.
  3. Delaware is organized to process your corporation economically and efficiently.
  4. Annual meetings of Delaware corporations may be held outside the state of Delaware.
  5. A Delaware corporation may keep all of its books and records outside the state of Delaware.
  6. Delaware courts are regarded as fair when interpreting corporate laws.
  7. The franchise tax compares favorably with other states.
  8. There is no Delaware corporate income tax for companies conducting business outside the state.
  9. There is no Delaware tax on non-resident stockholders who do not do business in Delaware.
  10. In most cases, Delaware has no sales, personal property, or intangible property tax on corporations that do not do business in Delaware.
  11. Indemnification and personal liability protection of the directors and officers of your corporation are permitted.