By Winmark Business Solutions
One of the best-known and most widely used business entity forms is the corporation. The main advantage of a corporation is the liability protection it provides the owners or shareholders of the business. Liability is limited because the corporation is a legal entity that is separate from its shareholder owners. Forming a corporation is more complicated and more expensive than forming a sole proprietorship or a simple partnership. However, the formation process is not that difficult.
Here are a few tips to think about when starting your corporation:
If your corporation is a nonprofit, there are two extra steps you must take:
Winmark Business Solutions (WBS) is a free Web site for small businesses and entrepreneurs containing over 6,000 pages of business-critical information and downloadable tools at www.WBSonline.com. WBS is a division of Winmark Corporation, a multi-brand franchisor with nearly 900 franchise locations in North America. With over 25 years working with small businesses, WBS draws upon years of experience to bring important small business articles, information, tools, forms, checklists, calculators and downloadable forms to the small business owner to help their business grow. WBS contains over 6000 pages of business-critical information all available at www.WBSonline.com.