If you’re considering starting your own business or taking your consulting work to the next level, you might be faced with the decision of whether to work as an employee or go down the contracting route. All options have their advantages & disadvantages depending on the level of risk & flexibility you are looking for.
Incorporating, in the context of consulting involves establishing a separate legal entity for the consulting practice. As shared by Indeed, it allows consultants to structure their business, manage finances, and enter into contracts in a way that separates personal and professional liabilities, enhancing credibility and potential growth opportunities. Some of the main benefits of Incorporating a business are:
- Limited Liability
- Tax advantages
- Raising Capital
The decision to incorporate depends on various factors, including your risk tolerance, desired level of control, and long-term goals. It’s important to carefully evaluate your specific circumstances, seek professional advice, and weigh the pros and cons before making a decision that best aligns with your aspirations and business needs.
Read more about incorporating in various provinces below and follow MatchBox on LinkedIn for more interesting industry updates 🔔