​There are several steps that one must take to incorporate their business; at MJT, we make this process simple for you by walking you through this and providing guidance on requirements that you must be aware of to move your small business forward. If your incorporation needs are more complicated and require more fulsome support, MJT works with several excellent law firms that make this additional support seamless and easy.

There are several advantages to incorporating your business. Using your personal identity to get a business started can be common, but as time goes on and your business starts to grow, it is not a good long-term strategy. If your company should encounter legal problems or have liabilities such as those owed to creditors, you will be personally exposed to the debts that the business may have accrued. Incorporating can help shield your personal assets from being exposed to such liabilities.

Once a company is incorporated, the business will become subject to lower corporate income tax rates. Corporations are typically subject to more favorable tax rates as compared with the individual tax rate. Lower tax rates and tax planning techniques result in more money being available to help grow your small business. Furthermore, corporations often also allow for income splitting between contributing family members who work in the business which can also result in further tax savings in comparison to operating a business as a sole proprietorship.