Incorporation vs Sole Proprietorship

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Blog by Patncat Co Inc.

I’ve been asked many times how should I structure my business… While there is no single right or wrong answer its your business and you should be aware of the issues. You can incorporate on your own but it is better to have your lawyer or your accounting professional go over for whats best in your situation for your business.

The simplest model is the sole proprietorship.

There could be tax benefits if you incorporate your business

It costs more to incorporate and keep separate books

There can be more liability to an owner of a sole proprietor.