The BizFilings blog covering business tips and trends.
5 Reasons Mompreneurs Should Consider Incorporation
Published on Oct 26, 2010
What are the 5 Reasons Mompreneurs Should Consider Incorporation? Learn more at 'Time to Start Up,' the small business blog by BizFilings.
Lara Galloway, The Mom Biz Coach, recently tapped into the expertise of BizFilings General Manager Karen Kobelski. Kobelski, a mother of twin girls herself, explains how an online incorporation service provider can help mompreneurs protect their company.
"According to a Simmons National Consumer Study, there are almost 4 million moms who own their own business and 1.5 million moms who own their own business and who work from home," Kobelski said. "Mompreneurs are on the rise and have been for the past decade."
Here are five reasons why mompreneurs should consider incorporation:
Incorporating creates a layer of liability protection between your personal assets and the risks of the business. It would be a shame for you to lose your house or 401K should anything go awry on the business front.
Incorporating establishes credibility with potential customers. Incorporation lends credibility to a business. You are demonstrating a formal commitment to the business in the eyes of vendors, employees, partners and of course, customers.
Incorporating allows you to obtain financing for you business. Limitations are often imposed by banks when it comes to lending. Many will only lend to incorporated businesses. Having a formal business structure in place also makes it easier for angel investors to invest in your business.
Incorporating holds potential for tax benefits. You may be able to deduct the cost of medical coverage, depending on the type of business structure you choose.
Incorporating doesn't have to be intimidating. Incorporating is simple, especially with companies like BizFilings, that walk you through the process step-by-step.
As a mom you possess a natural instinct to protect your family. Incorporation is designed to do just that!
To learn more about mompreneurs and liability protection, listen in on this segment of the WoMEN Teleseminar Series.