US Citizen Starting Business in Canada
Moderator: Mark T Serbinski CA CPA
US Citizen Starting Business in Canada
Hi, I’m a US citizen based in BC, Canada. I’m starting a product based business and have been told before it’s better to keep the business as self-employed and not get incorporated. Is that true?
Re: US Citizen Starting Business in Canada
google '966 transition tax' as well as 'Form 8858 self employed business'
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- Joined: Sun May 28, 2023 3:21 pm
Re: US Citizen Starting Business in Canada
Hey there! When it comes to deciding between operating as a self-employed individual or incorporating your business, there are pros and cons to consider. Being self-employed offers simplicity and flexibility, but it also means you have personal liability for any business-related debts. On the other hand, incorporating provides legal protection by separating personal and business liabilities, but it involves more paperwork and formalities. It's essential to weigh these factors based on your specific business needs and consult with a professional who can provide personalized advice. If you're seeking further guidance on business and financial matters, you might find some helpful insights at https://stephenswmg.com .