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Reasons for Incorporation In addition to limited liability protection, the corporation will file and pay separate income taxes. You can pay yourself a salary as a business owner or take dividends from the profits. You can also take advantage of tax deductions and savings as an incorporated business.

Incorporate verb (INCLUDE) This aircraft incorporates several new safety features. Fewer examples. He has become more venturesome this season with dress designs that incorporate a variety of ethnic influences. The film incorporates elements of fantasy and science fiction.

If you decide to incorporate, below are the steps involved in the incorporation process, along with some other recommendations for setting up your business. Step 1: Create the business entity. ... Step 2: Obtain a tax ID number from the IRS. ... Step 3: File S Corp election. ... Step 4: Obtain state tax IDs.

A corporation's formation document is typically called the Articles of Incorporation or Certificate of Incorporation, depending on the state. An LLC's formation document is typically called the Articles of Organization or Certificate of Organization.

A certificate of incorporation is a legal document/license relating to the establishment of a company or corporation. It serves the purpose of proving that the company or corporation has been formed. It is issued by the state government, or in some states, by a non-governmental entity/corporation.

"Incorporation" is the process through which a business becomes a corporation, thereby earning it the right to put an "inc." or "incorporated" after its name. The rules concerning incorporation vary by state and the specific type of corporation you wish your business to be.

INC Meaning. ?INC? is short for incorporated. When you see ?Inc.? at the end of a company's name, it simply means the business is a corporation. This abbreviation is used for both traditional C corporation and S corporation structures.