I own a design company and I would like to Incorporate so that I am protected as an individual. Can anyone tell me what type of a corporation I need to form to have my personal life/property be separate from company and protected?!

thanks in advance

BARCELONA http://www.Barcelona.la

Barcelona;

Your best option is to ask your CPA the tax benefits to the different business formations. They should also be able to explain how your personal property is protected in each case.

Suzanne
www.NewBiz-Coaching.com

Thanks Suzanne, I will do that!

BARCELONA http://www.Barcelona.la

Actually you should speak with an attorney. Incorporating does not automatically protect your personal assets as is widely believed. You may have already encountered this issue and not realized the ramifications....You will be asked to sign a Personal Guarantee by everyone from lenders to landlords to vendors and credit card merchants. That Personal Gaurantee can override a corporation's "protection". You are personally still left wide open to law suits.

Incorporating can be a good thing as far as taxes are concerned, but don't incorporate just to protect your assets. Bring this question to an attorney first.

Sylvia
http://businessplanmentor.com
Business plan and start up resources

Sylvia makes a good point. You will need to speak with your attorney in addition to your CPA. I found that it works best if you can get your CPA and Lawyer in the same room or set up a conference call with the 2 of them to discuss what is best for your situation.

Suzanne
SHB Consultants, Inc
www.newbiz-coaching.com