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  1. #1
    Junior Member
    Join Date
    Jan 2020

    Advice Please: What are the tax benefits for incorporating my coffee business ??

    Hi There,

    I hope everyone here is OK. I'm looking for someone to clear some of my doubts. I don't know whether this is the right platform to ask this.
    I had started a coffee business as the sole owner of it. I have got a pretty much profit from it than I expected, and it really helped my business grow. But the problem is, at the same time, my tax rate also raised. I discussed with my friend, and he told me about incorporating my business as it provides tax benefits. I searched online and felt that the process is quite complicated, and I'm not confident enough to make a decision. Some doubts that I have is about the cost of incorporating my business. How much would it be? Are there any downsides to converting a business from a sole proprietorship to incorporation? Are there any special cases in incorporating a coffee business? Can someone share your views here? It would be helpful.

    Last edited by PinkRose; 11-20-2020 at 06:35 AM.



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