The best way to get things done is to do them yourself. That is why over three-quarters of American businesses are sole proprietorships. However, in business, growth requires teamwork, collaboration and accountability. If you would like to conduct business as a sole proprietor, winning people’s trust and partnership would require that you open your personal life to strangers who may not reveal theirs. Believe it or not, some businesses have everything they need to grow but are limited by their reputation. Reputation precedes people, and you should incorporate to build a professional profile of company excellence. The following are five of the top reasons why you should incorporate your business:

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  • Protecting your personal assets.

Companies limit the liability of their owners to the capital that they contributed to their formation. Corporations and limited liability companies enable their owners to protect their personal property by separating them from business assets. The bureaucracy involved in registering corporations is hectic but worthy of the struggle.

  • Tax flexibility.

By owning a corporation, your business can avoid the irksome double taxation that plagues resource distribution among family members, corporate employees and shareholders. All that the management of the corporation has to do is elect the Subchapter S tax status to enjoy the maximum value of dividends and corporate profits.

  • Ensuring longevity.

CocaCola is a very old company. The nation enjoys robust business and millions of jobs from other corporations that were created hundreds of years ago. Their founders are long dead along with some of their generations. Still, their businesses live on and grow bigger than the legacies of their founders. Yours should too. As long as your business policy can be passed on to other people and your plan is viable enough to last through the generations, then you should incorporate your business.

  • Gaining extra credibility.

Corporations enjoy robust credibility from potential clients, partners and investors. The law regulates corporations heavily. That is why clients trust corporations more than they trust unknown parties who may not suffer if they defraud people and run. In fact, some large contractors disqualify businesses that do not have corporation status. The move will adjust your business vertically in the market that you operate and also expand your market share.