(c) 2008 Newsday. Reprinted by Permission
LONG ISLAND BUSINESS
If you’re like many who own small businesses, you might have started out as a sole proprietorship. But as your business has grown, you may be thinking about whether it’s time to incorporate.
One of the biggest advantages of incorporating is the personal liability protection it can provide, but it does require more work on your part and an investment to get started, say experts.
“It’s not a lot of money and time to incorporate, but it is money and time,” says Scott Shane, a professor of entrepreneurial studies at Case Western Reserve University in Cleveland and author of “The Illusions of Entrepreneurship: The Costly Myths that Entrepreneurs, Investors & Policy Makers Live By” (Yale University Press; $26).