Incorporating Your Business
We understand the incorporating laws and can help you determine which route will be most beneficial to your business. At Kochhar and Co., we take pride in offering business owners throughout the Kelowna and Okanagan area with business incorporation services.
Did you know that incorporation is one of the recommended strategies to help you achieve your long-term business goals? Remember, if you decide against incorporating, you will be held personally liable for any business debts or legal problems. We are happy to explain the benefits of incorporation and answer any of your questions or concerns.
In certain professions, members of professional organizations enable their members to register ventures under the term "Professional Corporation." Even though this kind of corporation operates similarly to regular ones, it is restricted to particular kinds of professional occupations such as lawyers, doctors, pharmacists, dentists and others.
What Is Limited Liability?
After a business becomes incorporated, the owner's liability is limited to the amount of their business investments. This differs from sole proprietorship and partnerships that have the owner assuming all business liability.
The Company Continues
If a percentage of the shareholders pass away or leave the business, the incorporated company will continue to operate, even if the company ownership changes.
Easier to Raise Capital
Equity financing is available to help businesses raise capital in addition to borrowing funds. This situation relies on selling shares to angel investors or venture capitalists.
After incorporation, a business can take advantage of reduced corporate income tax rates. These are much more attractive compared to individual tax rates, translating to increased savings for financing company growth and operations. Income splitting between family members is another option that incorporated businesses can take advantage of for increased tax savings.
Why Choose Kochhar and Co. To Incorporate Your Business:
• We offer tax planning strategies that will reduce your taxes
• We setup all required accounts including WorkSafeBC, Payroll, Business Number, GST/HST, etc.
• We advise on your company's tax obligations.
• We can provide your bookkeeping and year-end tax filing.
• We help you accommodate future growth by defining the share structure.
• We provide CRA advice for best practices for managing your records and books.
• We can help outline your business bylaws.
• We can assist with hiring new staff.
• Offer solutions to any business problems by serving as a business advisor.