Connect Wealth | 13-2970 King George Blvd. | South Surrey, BC V4P 0E6, Canada
Phone: 604.542.4298 | Toll Free: 877.542.4298 | Fax: 604.542.4289
You have started a new business and are excited about the obstacles and opportunities that are before you. You have a vision to execute a product or service to market and you have officially embarked on the journey of an entrepreneur. Business licenses are in place and your operation as a sole proprietorship is in motion. How do you decided when or if you should incorporate the business?
A Sole Proprietorship has the following benefits and drawbacks:
Your business has grown. You have multiple staff, overhead and revenues that exceed your expenses. What is your best course of action? As you consider incorporating, there are a few key indicators that will help you make your decision:
There are many factors to consider when determining whether it is the right time to transition from a sole proprietor to a corporation. Both routes can be a viable option. It is important to consider the future growth, goals and succession of a business to make the decision that’s appropriate for you.
I recommend discussing the different options with your advisor to determine when incorporation makes sense for you.
Connect Wealth is an independent financial planning firm that offers holistic advice to clients based on their current goals and future aspirations. We use well-established workflows and cutting edge technology to maximize planning efficiencies while simplifying the process for clients. Learn how you can maximize your financial opportunities at www.connectwealth.ca