What are the pros and cons of incorporating before starting a stock trading account?
Question:
Answer:
When you set up a corporation, you are creating a new legal entity, just like you yourself is a legal entity, with rights and privileges and laws to follow.
Any assets, debts, or liabilities owned by that legal entity (the corporation) stay with that entity. For example, the corporation purchases insurance to cover its property and needs. It can own bank accounts, incur debts, and basically do anything you personally can do.
The big advantage is the corporation is an umbrella to protect you from damage.
It was here or Wall Street right?
More Questions & Answers...