There are a number of benefits afforded by forming your business as a
corporation; chief among these benefits are the protections from
personal liability and asset seizure that are offered to the
owners/shareholders of a corporation. These protections limit the legal
and business liabilities (protection from lawsuits and debts)
encountered by the corporation because it is treated as a separate,
legal entity. There are also favorable taxation, deductible employee
benefits, personal asset protection, anonymity, ease of raising
capital, and credibility benefits that are the hallmark of an
incorporated business.
A double-barrelled shot of tumbling oil prices and more bad news from one of Canada's big banks pushed the S&P/TSX composite index under 8,000 points for the first time in more than five years.
Finance Minister Jim Flaherty announced Thursday he will deliver a long-awaited economic update next week, even as a newly released report forecast a possible $5.3 billion in federal deficits over the next two years.
Federal Industry Minister Tony Clement said Thursday the Big 3 domestic automotive companies and their unions need to come up with a plan for the industry's long-term future.
