As Hobbyists Take the Leap from Practice to Pro, Self-Employed Workers Are Incorporating More Than Ever Before
MADISON, Wis. (April 13, 2010)
According to data from the U.S. Bureau of Labor Statistics, the number of self-employed workers choosing to incorporate their small business has increased over the past two decades. While incorporation specialists like BizFilings are encouraged by this trend, the majority of self-employed workers do not incorporate and could be missing out on many of the benefits afforded to self-employed workers who do choose to incorporate.
"At BizFilings, we’re not surprised by the growing trend of incorporation by the self-employed," says Karen Kobelski, general manager of BizFilings. "In today’s economy, small businesses are facing more challenges than ever before, including greater legal liability, the rising costs of health insurance and an ever-growing array of local taxes levied against small enterprises. We encourage all small business owners to review their operations during tax season to see if their business could benefit from incorporation. It’s the perfect time to plan for the coming year."
Five Reasons for the Self-Employed to Consider Incorporating
As technology makes it easier to spot wrongdoing and pursue legal action, many small business owners face more legal risk; incorporation can offer some small businesses added protection.
- The costs of incorporating online are lower and easier than ever, prompting many small businesses to incorporate due to the low barrier to entry.
- As health insurance costs rise, many small business owners with employees are incorporating to deduct the costs of medical coverage.
- As small business owners age, many are considering passing the business along to others; incorporation can ease the transition process from owner to owner.
- Incorporating may help a new business establish credibility with potential customers, employees, vendors and partners because it demonstrates a formal commitment to the business.
Visit the BizFilings.com Learning Center for more information about the costs and benefits of incorporating your small business.
BizFilings is a full-service, online incorporation service provider, offering small business owners a fast, easy and economical way to form a corporation, limited liability company (LLC) or other business structure online or by phone. BizFilings also offers a full range of business filing and compliance products, including nationwide Registered Agent service, helping keep businesses in compliance with state regulations. BizFilings can be found online at www.BizFilings.com. BizFilings is a part of Wolters Kluwer www.wolterskluwer.com, a leading global information services company. Wolters Kluwer had 2009 annual revenues of €3.4 billion ($4.8 billion/£3.0 billion), employs approximately 19,300 people worldwide and maintains operations in over 40 countries across Europe, North America, Asia Pacific and Latin America.