Business Owners
Financial, Investment, Tax and Estate Planning Needs
Business owners face unique financial, investment, tax, and estate-planning challenges. With so much time and energy devoted to running a business, personal financial planning often gets pushed aside.
At Hatch Muir Financial of CI Assante Wealth Management Ltd., we help business owners build and maintain a clear, strategic financial plan designed to support both their personal goals and the long-term success of their business.
Whether you’re looking to create a personalized financial plan or strengthen the plan you already have, our team works closely with you and your accountant to determine the most effective business structure for your situation.
Sole Proprietorship
A sole proprietorship is the simplest business structure to start and maintain. With a sole proprietorship, one person owns the business and its assets, and is solely responsible for all debts and obligations of the business. In exchange, the business owner can make all decisions and is entitled to all profits.
Partnership
A partnership is a business structure where two or more people share ownership, resources, and profits. Partnerships can be structured in different ways, most commonly as general partnerships or limited partnerships, each offering different levels of liability and involvement.
Corporation
A corporation is another common business structure. Unlike proprietorships and partnerships, the law considers a corporation an entity that is separate from its owners, who are the shareholders. In fact, corporations file their own tax returns independent of shareholders, and corporate losses cannot be used to offset income on a shareholder’s personal tax return.
Should You Incorporate?
Many businesses start out as a sole proprietorship or partnership and later become incorporated as the business grows and becomes profitable. Whether or not your business depends on many factors. If one or more of the following describe your situation, incorporating your business may be a suitable option.
Additional Considerations for Corporations
Your business is unique, so your financial and investment plan should be as well. Our team leverages years of experience, knowledge and specialized software to integrate corporate planning into your holistic financial plan. A robust plan that leverages the advantages of incorporation and compliments your personal assets can help you save in tax, avoid the loss of income tested government benefits and optimize your estate planning. We work with your corporate accountant directly to integrate our advice, and reduce your work in preparation of a corporate tax filing by providing a complete tax package from all your investment assets held with us.
Corporate investing is different than personal investing and if not understood properly, can cost your corporation in taxes. We leverage investment solutions specifically designed for corporations to build your wealth in a tax efficient manner during the accumulation phase, and accumulate balances in corporate notional accounts that allow for tax advantaged dividends when you enter retirement and decumulate your corporate assets.
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