Top Myths About Incorporating Busted! 🚀 #shorts

Let's talk about some of the ideas that come up about why somebody wouldn't want to incorporate and I'll label these as misconceptions. The very first one is that you have to have a certain level of revenue or income. Truthfully it has nothing to do with how much revenue have at all and that's one of the biggest misconceptions. The real rule that you want to consider is are you paying tax at a rate of 12.2% or higher. So you're currently a sole proprietor and you're paying tax of 20% you should incorporate. Other areas are let's complicated to set up. It is if you want to learn exactly how to do it yourself but you can outsource that to professionals who do it all the time. And if you're to do that, definitely focus on a CPA and a legal advisor who have experience setting this up and we'll do a tax plan for you so that you get it set up right the first time.