I can only generalize, but depending on where you plan to go, there are a couple of points that incorporation brings to the table.
1.) Incorporation immediatly provides a more professional image. On the image vein, toss in GST registration. It requires quarterly reporting, but if you're systematic, not that big a deal. Of course once you get prosperous enough, GST registration is manditory.
2.) Once set up, expanding a corporation (shareholders etc.) is usually a less complicated process.
On the liability side, generally speaking the company is only vulnerable to the value of its assetts, but I think you have to be careful on that point. Certainly from a banking (loan) aspect, the banker will want tangiable assets as security, and in all probability will want your personal guarantee regardless of how the company is set up.
It's interesting how some relevant little incidents stick with you. During one company setup, my partner was asking our accountant numerous questions relating to tax benifits. The accountant indulged him for a while, then slowly leaned back in his chair and with the tone of a patient grandfather, put things in perspective "Make some money first. Then we'll worry about tax".
Topic: Small business advice? (Read 3226 times)