While starting your own business can be a rewarding venture, it’s wise to take a step back and formulate a checklist of costs before you take the plunge. Credibility is everything to a new company with an as-yet unproven reputation. Bearing that in mind, it’s best to come forewarned and forearmed with knowledge of the costs you will incur and should have earmarked for at least the first 90 days of operation. Here are just a few of the initial expenses to consider when starting your own business.
Cost of Formation
Even a small company can benefit from incorporating. Doing so can help enhance a fledgling business’ credibility while providing protection of personal assets from lawsuits or claims by creditors. Additionally, incorporation affords businesses a lower tax rate, as well as obtaining a credit rating and ability to sell stock in the company.
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