5. Corporation Set Up
Whether self employed, own a family business, or are looking to create a new startup, knowing how to incorporate correctly is an essential first step. The main benefit of a corporation set up is the more lenient taxes and allowances for deductions. Each state has their own rules of incorporation. However, the benefits in many states include extended benefits for employees, asset protection, and name recognition. So for example, if your business becomes a huge success, having a corporation will keep others from using your name (in your state at least).