Why Incorporation is So Important for Businesses

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Incorporation is vital for companies to be successful. Incorporation involves the preparation of essential documents, such as the ‘Articles of Incorporation’ and filing them with ACRA. Here’s why incorporation is important.

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PROTECTION FROM LIABILITY

Business incorporation protects you from business liabilities. What if your business is unincorporated? Creditors can acquire your personal assets such as your bank account and other tangible assets to pay the debts.

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PERPETUAL EXISTENCE

Perpetual existence means, your business continues to run, even after the withdrawal or death of the owner. A business that isn’t incorporated is likely to halt its operations in the permanent absence of its owner.

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MAINTAIN COMPANY’S IMAGE

Incorporating your business adds to its credibility. The image and perception of your business is greatly enhanced when it has an ‘Inc,’ ‘LLC’ or ‘Ltd’ added to its name in the end.

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TAX BENEFITS

Incorporation will convince you, when you’ll know that your company benefits from tax deductions on a variety of operations. Such deductions include travel expenses and entertainment, cost of retirement plans, employee wages and more.

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