Incorporating with an Accountant
Excellent Accountant Incorporation Services
Entrepreneurs and small business owners throughout greater Vancouver are now benefiting from an expert accountant incorporating services provided by the highly qualified and experienced professional accountants of Cahill CPA. This respected accounting firm is family owned and committed to developing an exceptional practice that will form lasting, trusted professional relationships with all clients. This excellent, fine quality accounting team includes accountants with varied training, skills and certifications, such as Chartered Accountants (CA), Certified General Accountants (CGA), Certified Management Accountants (CMA) and Chartered Professional Accountants (CPA). During 2014, the three independent accounting professions in Canada of CMA, CGA and CA were united into the single business and accounting profession of Chartered Professional Accountant (CPA).
The most important benefit of incorporating with an accountant is that your business accounting expert is familiar with all aspects of starting a corporation and will handle all related issues for you. Your expert CPA will also give you excellent advice concerning operating your S-corp or C-corp and advise you concerning tax matters. He or she will also prepare your taxes and ensure that all aspects of your corporate tax returns are completed accurately and fully to avoid any tax problems after filing.
Hiring an Accountant: Incorporating With Cahill CPA
Your experienced accountant will explain that in order to start a corporation, articles of incorporation must be completed and properly filed with specific state authority and that certain fees must be paid. C-corporations must pay income taxes on all taxable income that the corporation generates. A C-corporation can become an S-corporation (small business corporation) by filing a form with the federal government tax department. The net income or loss of an S-corporation is "passed through" to the shareholders to be included in their personal income tax returns for the year. Since this income is not taxed through the corporation, owners of S-corporations can avoid double taxation (personal and corporate) that occurs with C-corporation ownership. (Sub-chapter) S-corporations can have only 100 shareholders.
Another primary benefit of incorporating your business is limiting your liability to your corporation's assets only. In almost all instances, the shareholders of a corporation are not held liable for the debs or other obligations of the business. This protects your personal property and other assets in case your corporation should default on a loan or experience other financial problems. Corporations also often provide numerous tax advantages to owners that are not provided to owners of other types of business entities.
Additional Advantages of Incorporating With an Accountant
More advantages of choosing an expert accountant for incorporating your business include the following:
- The life of a corporation is not dependent on its owners or members and will continue after the owner's death or the sale of the corporation.
- Ownership of a corporation is easy to transfer to another person or persons.
- A corporation has centralized management and its capital can be easily raised through stock sales.
- Retirement funds and plans are more easy to establish with a corporation than with some other types of business.
- A corporation has its own EIN number which identifies it as a corporate entity owned by a person or persons.
The diverse and well-experienced Cahill accounting group offers comprehensive incorporation services to business entities of all types and sizes in all areas of industry today. These accountant incorporating services will address all structures of a corporation, including the legal, ownership and operational structures to ensure that business incorporation in right for you. All areas and aspects of your business will be carefully examined and assessed by our accounting team to identify issues and determine whether an S-corporation or C-corporation is the best business type for your needs. Our CPA team will offer detailed advice concerning all areas of running a corporation to ensure the best ultimate success for your business.