WHY SET UP A BUSINESS ENTITY?
Do you need a separate entity (LLC/corporation) for your business?
Why not just be a sole proprietor?
Better Protection
Entities are typically protected against personal liability for business debts and other liabilities. This means creditors can’t collect your personal assets or the personal assets of your managers to pay business debts and judgments.
Potential Tax Benefits
There are often significant tax savings that can be realized by setting up a separate entity. To begin with, it’s simply easier to separate your deductible business expenses from your non-deductible personal expenses.
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