Categories: MyCorp News

Love Your Business this Valentines Day!

As Valentine’s Day approaches, let MyCorporation help you give your business the love and attention it deserves. Let Mycorp help you love your business! On February 14th, MyCorp is offering a FREE corporation or LLC from 7am to 7pm in honor of “Love Your Business Day.” In addition, MyCorporation also offers all the products your business needs – free Quickbooks, business cards and a domain name!

On February 14th, love your business by incorporating or forming an LLC to save on taxes and protect your personal assets. As a sole proprietor, your liability for business debt is unlimited. Personal assets such as your home, personal bank accounts, and other valued assets may be at risk. What does this mean? It means that if your business experiences severe financial difficulties, creditors can take away your personal property such as your home, retirement savings, or any other asset you or your spouse own.

In our increasingly litigious society, it is becoming ever more important to limit your exposure and protect yourself from liability. Incorporating your business draws a firm line between your personal and business assets, helping protect your personal assets from risks or debts associated with running your business.

Incorporation is also a great way to save money on taxes! If you are operating as a sole proprietor, you will be required to pay self-employment tax on your profit, currently at 15.3%. If you incorporate your business, only the salary you pay yourself is subject to self-employment tax. Depending on your situation, you may be able to save as much as 50% on your tax bill!

Incorporating also decreases the likelihood of a tax audit. Sole proprietors tend to be more likely to file incorrect returns (many are self-prepared), and tend to underreport revenue or over report deductions. For these reasons, the IRS has audited a much higher percentage of sole proprietor tax filings than corporate filings in recent years. In tax year 2006, a Schedule C filer stood a 1 in 32 chance of being audited. For nonbusiness filers, the odds were around 1 in 124. Let MyCorporation help you lessen the chance of a tax audit!

This year, make Valentine’s Day a special day – not only for your loved ones, but also for your business. Let MyCorporation help you love your business. Make sure to take advantage of our FREE LLC or Corporation offer on February 14th! Lean more HERE!

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.