tag:blogger.com,1999:blog-4402283548766807872.post7147930139825655781..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: The Blunt Bean Counter Noted in Rob Carrick’s ReaderThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4402283548766807872.post-81175653586956172562011-06-13T18:59:17.626-04:002011-06-13T18:59:17.626-04:00Hi Tom:
Your question is a future blog topic, but...Hi Tom:<br /><br />Your question is a future blog topic, but I have just started making notes and have not written it as of yet. You would typically incorporate right away if you have concerns about being sued due to the type of business you undertake (a corporation provides legal protection). If legal liability is not a concern, you would then consider other factors such as ownership and income splitting and the ability to sell the shares of that business down the road. The revenue question is fairly easy in my opinion. If the above factors are not large enough factors in themselves to incorporate, you should consider incorporating once you make more money than you need to live on; since at that point, you could then defer tax and have more money to grow your business since you are only paying the 16% or so small business tax rate instead of the 30-46% personal rate on the salary you need to live. <br />Hope that helps until I write the blog.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-35033071304695027792011-06-13T17:19:57.576-04:002011-06-13T17:19:57.576-04:00I wonder if you would consider commenting on this ...I wonder if you would consider commenting on this small business question. At what point (e.g. in annual revenues), does it make sense for a small business to incorporate versus running as a sole proprietorship? I have heard people argue that one ought to incorporate right away while others argue it is not worth it unless one's revenues are in the +$100,000 area.Tomnoreply@blogger.com