An incorporated business is a separate legal entity from its owners, which provides limited liability protection. This means that the owners are not personally liable for the debts and liabilities of the business. Incorporating a business can be a complex process, but it offers a number of important benefits, including liability protection, tax advantages, and the ability to raise capital more easily.
There are a number of different ways to incorporate a business. The most common type of incorporation is a C corporation. C corporations are taxed as separate entities from their owners, which means that they can be subject to double taxation. However, C corporations offer a number of advantages, including the ability to raise capital more easily and the ability to deduct employee benefits from their taxes.