INCORPORATING IN KENTUCKY
Why Incorporate?
One of the first things I advise my clients to do when they're starting a new business is to form a corporation -- usually an LLC. This simple, relatively inexpensive step is a powerful tool that allows business owners to protect their personal assets from their business's liabilities and creditors.
If you own a business as a sole proprietorship, all your personal assets are in danger. If your business owes money, is sued or otherwise incurs liabilities, you are personally responsible. That means your home, personal belongings and savings could all be vulnerable.
On the other hand, when you incorporate, you protect your personal assets. Only the money and property which you've put into the corporation are vulnerable for the business's debts and liabilities. Your personal property is safe. It's an easy step to take that provides you a huge amount of protection.
Also, incorporation makes it far easier to sell your business, add partners or new investors and to keep track of multiple business ventures.