Posted by Mike (WA) on February 18, 2013 at 08:47:21 from (69.10.199.246):
In Reply to: Re: Corporate farms? posted by Bruce from Can. on February 18, 2013 at 08:03:44:
May be different in Canada, but protection from liability is about the only reason to incorporate down here. Corporate tax rates are higher than personal, so all small business corps or LLC's elect to be taxed the same as if they were individuals. The protection from debt liability sounds good in theory, but there isn't a lender alive who is not smart enough to also demand you sign as an individual, thereby putting your personal assets at risk, if your corp. or LLC borrows money from them.
There is also an advantage in working for wages for a corp. or LLC vs. as a sole proprietor regarding social security taxes. It is also easier for parents to pass the farm on to the kids if they incorporate- much cleaner to pass on stock shares than giving Bill those 15 cows over there, Cindy the 4040 tractor, etc.
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