What are the pros and con of incorporating my small business instead of remaining a sole proprietor?
I am approaching 62 years of age, my son is in college. I have a small janitorial business that my wife and I work part time along with three part time employees. I also work part time three days a week as a building inspector for the city. I am considering taking social security at age 62. I know I am allowed to earn 12,000 per year with out paying back taxes. I have felt it best to get the business out of my name and receive a small check. Have my son operate the business and keep my part time salary low. Are is it best to continue as sole proprietor and pay taxes on net profit.
Katheleen
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The business law attorney to uncle sam by incorporating and the loss is valuable to consider at age 62 may be way to collect the double tax check with.
The most significant pro of not is protection basically sole proprietorships and partnerships put your personal assets at risk.