As long as I hold liability insurance for my business, can't I remain a sole proprietorship?

I have 1MM liablility insurance for my business. I don't see the point in incorporating to retrieve my assets, so are there tax breaks or anything that be paid it worth while?
Answers:
The tax breaks are better for the sole proprietor as you can avoid the double taxation that comes from incorporating. Check your insurance policy, however, and make sure it covers commercial stir. Most do not, unless you pay extra. You can also avoid the double taxation, and get fixed liability, by forming and "S" corporation.
That is one of the smartest approaches and thoughts I have
read in ages. YOU are 100%
correct--for presently.

Until you have more that needs
protecting, newly stay as a proprietorship.

AVailable to guide further if desired.
[no double taxation] Source(s): biz teacher

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