Now the owner will have to hire an attorney to protect the corporate veil. If you think dealing with the IRS and Tax Preparation is costly…you have not seen anything until you start dealing with Attorneys. What does that mean, you ask? It means that if their attorney can prove that your corporation was incomplete, that you did not create or Filed the proper paperwork or you failed to operate your corporation in a proper manner, then the wall between you and the corporation can be broken and you could become personally responsible. ![]() The owner went to the first court hearing and the other attorney filed at home a motion to pierce the corporate veil. The owner had incorporated their business, so the thought process was that the owner did not have to worry about losing their home and future income. Six years later, the owner received a Filed lawsuit in the mail for his business. They got the state corporation certificate, got the Federal ID number and continued on with the Business. The Owner incorporated because they knew that they did not want the personal liability. Maybe they used a web search to find a Service who would File the Corporate documents for $49 plus the state Filing fees. Let us talk about a business whose owner Filed their own corporation documents. Secondly, everyone wants to save as much money as they can especially when you are starting a business. Owners want to protect themselves, their family and their personal wealth from catastrophic events that they may not have any control over. Most people incorporate to reduce potential future legal liability. There are quite a few businesses to assist you in the process of incorporating your business, some as low as $99.But the question you should be asking is what the best way is to protect you.įirst, let us talk about why Filing to Incorporate your Business on the Cheap is an idea. While we Love doing Taxes and other types of Returns, helping our clients STAY in Business is important too. ![]() Anyone can File a lawsuit these days, and you can only afford so much insurance. The reason they want to incorporate on the Cheap is that they understand that there is financial risk by owning a business. Incorporating your Business on the Cheap is something a lot of business owners think about doing themselves.
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