Breaking Barriers, Building a Hire Ground
Why Small Businesses Should Incorporate
Becoming incorporated is a monumental step for many businesses and their owners. Incorporating a company can open many growth opportunities: it can help protect business owners amid uncertain times like recessions and ensure a business’s survivability years down the road. So, how do you turn incorporation—a seemingly gigantic, terrifying thing for small businesses—into a simple, manageable process?
This episode discusses the basics of incorporation and introduces what to expect when considering incorporating your company. We explain how incorporating can give your business survivability and help prepare your successors. We describe how incorporating your organization recession-proofs your personal assets and business. We also explore Cloe’s experience going through the process of incorporation and highlight the importance of exit planning and thinking about where you want your business to be years from today.
“When you’re not incorporated, your personal credit and liability get impacted. You become the business and everything you do on the personal side shows up on the business side, too.” - Adam Moore
This week on Breaking Barriers:
● What happens when companies become incorporated
● Partnerships, shared responsibility and risk, and corporate stocks
● How incorporation helps a business and its owner amid a recession
● Estate planning, business survivability, and how incorporation can help prepare your loved ones
● The first important steps toward getting incorporated
● How creating structure can help small businesses succeed
● The importance of exit planning
● Pros and cons of setting up an incorporation
● Cloe’s experience with incorporation
● Why investors will not invest in LLCs
This podcast is brought to you by Hire Ground
Hire Ground is a technology company whose mission is to bridge the wealth gap through access to procurement opportunities. Hire Ground is making the enterprise ecosystem more viable, profitable, and competitive by clearing the path for minority-led, women-led, LGBT-led, and veteran-led small businesses to contribute to the global economy as suppliers to enterprise organizations.
For more information on getting started, please visit us @ hireground.io today!
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