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Thread: Setting up a corporation?

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  1. #6
    practical experience, FTW stephenf's Avatar
    Join Date
    Jul 2008
    Being in the UK, my knowledge of American business is limited. However, the basic idea behind becoming a corporation is that you separate personal and corporate liability. If you go bankrupt creditors can only claim against the assets of the corporation, and not you. The shifting of liability is useful if you need to run your business with a high level of debt. But there are more expenses and complications. For a simple one-man business that has no significant debt, it is not worth the trouble. If your earnings are good and your not keen on handling your own finances, just find a good accountant.
    Last edited by stephenf; 11-09-2018 at 07:00 PM.

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