Three Key Issues Facing Home-Based Business Owners in 2010
Surge in Number of Home-Based Businesses Creates Increased Need for Incorporation Services
MADISON, WI - February 8, 2010
BizFilings, an online incorporator serving the entrepreneurial marketplace, today announced key issues that home-based business owners need to consider while incorporating in 2010. With unemployment and job security expected to persist well into the year, many Americans are trying to find additional sources of income to either supplement or replace their current salaries. As the entrepreneurial market grows to new levels in 2010, it will be critical for entrepreneurs to take the right legal steps to ensure the long-term viability of their business.
The U.S. economy is currently undergoing a period of extreme transformation. The availability of advanced technologies combined with a shift away from traditional desk jobs, is fundamentally changing the face of the American workforce. Entrepreneurs now have the resources to provide themselves with the flexibility they need to run a business out of their home successfully. Among the first and most important steps these entrepreneurs have to take will be finding a way to incorporate their business in an efficient and cost-effective manner.
Some of the key issues home-based business owners will need to consider in 2010 include:
- Protection of Personal Assets: One of the critical issues facing many new business owners is figuring out how to legally separate their personal assets from their business assets. By incorporating, entrepreneurs can protect themselves and their family by insulating their business from any other assets they own. This issue is of particular importance these days because of the rising number of entrepreneurs working directly out of their home.
- Reputability: With a countless number of small businesses and entrepreneurs entering the market on a daily basis, it’s become somewhat difficult for legitimate businesses to distinguish themselves from others in the market. A quick way to gain reputability with potential customers, partners and general market, is by incorporating. Simply having the “Inc. or LLC” moniker after a company name can go a long way in determining how the business is perceived by the market.
- Financial and Tax Considerations: The financial aspect of starting a home-based business can be a headache. There are small business loans, taxes and state-based regulations that an entrepreneur must consider when starting a business out of their home. By incorporating, an entrepreneur can turn an idea into a tangible business and make themselves eligible for small business loans and tax refunds that would otherwise be unavailable to them.
“With more Americans out of a job every day, people are taking charge and planning for their financial future by starting their own business. Many people are capitalizing on their years of experience to become consultants and we’ve noted a growing trend of entrepreneurs turning their hobbies into home-based businesses,” said Karen Kobelski, general manager, BizFilings. “We’re more excited than ever to help this burgeoning market of home-based business owners get their ideas off the ground and realize their entrepreneurial dreams in 2010.”
BizFilings.com has been professionally forming corporations, limited liability companies (LLCs), and nonprofits since 1995. The company has grown rapidly in the past decade, helping over 500,000 entrepreneurs to start, run, and grow their businesses. BizFilings is not a law firm and does not provide legal advice or counsel. BizFilings is headquartered in Madison, Wisconsin and is part of Wolters Kluwer, a leading global information services and publishing company.