Aside from the above category-specific benefits you can use when you launch a corporation, there are other areas you’ll want to take advantage of to maximize your profit potential.

Appearances – There’s nothing like the boost of confidence you get when you have “President” on your business card.  But seriously, incorporating is a step that lends quite a bit of credibility to your business.

It tells others that you are serious about your company and plan to be in business for the long haul. Committing to the process of incorporating instantly boosts your professional image.

Business-to-Business – The benefit of a strong, professional appearance doesn’t stop with your customers. Other businesses are more likely to use your services if they trust your image.

Additionally, some companies are leery of using contractors or freelance workers. They fear the potential of being hit with fines and back taxes/wages if their contractors are ever deemed to be “de facto employees.”

If a company hires your corporation to perform work or provide services, they are likely safe from having the Department of Labor question payments made to you.

Property Leasing – Similar to income shifting, you may be able to lease your personally owned property, such as real estate, to your corporation to provide tax savings. The IRS keeps a watchful eye on leasing arrangements, so consult a tax professional to ensure you handle these procedures appropriately.

The decision to incorporate, whether you choose an S-corp or traditional corporation, can’t be determined based on the tax and financial benefits alone. But by carefully weighing the benefits associated with each business structure as well as your own needs you can make the most profitable choice for your company.