Most small business owners launch their companies as sole proprietorships in which they and their businesses are essentially one and the same. At some point, you may decide it's time to incorporate your business for any of the following reasons:
No. 1: Personal asset protection
Corporations allow owners to separate and protect their personal assets. In a properly structured and managed corporation owners should have limited liability for business debts and obligations.
No. 2: Additional credibility and name protection
Adding "Inc." after your business name can add instant legitimacy and authority. Consumers, vendors, and partners frequently prefer to do business with an incorporated company.
No. 3: Perpetual existence
Corporations can continue to exist even if ownership or management changes. Sole proprietorships and partnerships just end if an owner dies or leaves the business.
No. 4: Tax advantages
I can help you set up your corporation and maintain the corporation's minutes and structure to comply with Saskatchewan law.