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  3. A Solution to Independent Contractors Biggest Dilemma: To Incorporate or Not?

A Solution to Independent Contractors Biggest Dilemma: To Incorporate or Not?

Submitted by JMB Financial Managers on January 23rd, 2020
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Perhaps no two questions spark more debate and conflicting answers between accountants, attorneys, and financial planners than, “Should I incorporate?” and “When does it become worth it to incorporate?”

As someone who specializes in helping independent contractors maximize the financial benefits of being independent, I am often asked these questions.

Whether you’re a commercial real estate broker, a manufacturer’s rep, a drug company rep, or a small business owner, incorporating a business can seem like an intimidating task. But in my 20+ years as a financial advisor, my vote is incorporate!

Take Charge of Your Own Business

Today’s take-charge, you’re on your own business environment has made incorporation advantageous to an increasing number of professions, perhaps including yours. By incorporating you can expect a number of benefits not available to sole proprietors or employees of corporate America:

  • Asset protection from lawsuits, judgments, and debts
  • Significant income tax reductions
  • Generous employee benefits
  • Increased investment and retirement savings opportunities

Is there a Downside to Incorporating?

It may seem like incorporating is too costly, too time consuming, and just flat out too much of a hassle, but it doesn’t have to be. With the proper advice and information, that’s not the case, and the benefits of incorporating far outweigh any potential negatives.

Is Incorporating Right For You?

Find out if incorporating is right for you, and learn the simplest, most sensible, and profitable ways to go about it by scheduling a free consultation with us today.

 

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About the Author

Jack Brkich III certified financial planner and president of JMB Financial Managers Irvine, CaliforniaJack Brkich III, is the president and founder of JMB Financial Managers. A Certified Financial Planner, Jack is a trusted advisor and resource for business owners, individuals, and families. His advice about wealth creation and preservation techniques have appeared in publications including The Los Angeles Times, NASDAQ, Investopedia, and The Wall Street Journal. To learn more visit https://www.jmbfinmgrs.com/.

Connect with Jack on LinkedIn  or follow him on Twitter.

 

Tags:
  • Incorporating
  • Small Business

Categories

  • Asset Protection (12)
  • Charitable Planning (6)
  • Current Events (34)
  • Estate Planning (10)
  • Financial Planning (23)
  • Incorporating (5)
  • Independent Contractors (1)
  • Insurance Basics (9)
  • Investing (11)
  • Paying for College (6)
  • Retirement Planning (28)
  • Small Business (20)
  • Taxes (15)

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by a third party author to provide information on a topic that may be of interest. The third party author is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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