Tax Traps To Avoid When Incorporating a Business
As a general rule, you can incorporate your business with no tax cost as long as you contribute all of your business’s assets and liabilities to a corporation you control.
A sole proprietor who incorporates his or her business, therefore, should be able to incorporate tax-free. So should a partnership. And a limited liability company that makes an election to be treated as a C corporation or as an S corporation should also be able to make these “incorporation” elections tax-free. Read the rest of this entry »