Posted by leapfrog on May 17, 1999 at 10:26:28:
The actual dollar figure for incorporating may vary from place to place but my look on it is as I mentioned previously — as deductions against income. You are perfectly correct in saying that if you’d like to limit your liability----incorporating would be the way to go. But with new ruels in place — at least where I live----in regards to corporate directors and their liabilty----I relly don’t know how covered you are (unless of course you’re a huge corporation-- & can afford a shark of a lawyer etc.). Where I live, the banks are becoming evil and asking for personal guarantees even when you’ve incorporated!! Go figure–why do they think you went through the hassle and expense of incoporating? But again, incorporating does protect your personal assets against liability. If you are investing and putting the assets under the corporation, though, I don’t see how they’ll be protected unless you transfer title. But the tax issues are definately a bonus.