As a business owner, we are sure you know that when sales and profits are up, the tax bill will be also be higher normally it’s up to the CPA or controller to provide options to reduce your tax bill. Fortunately, we have another idea – one that can help you lower your taxes while also promoting your brand and increasing sales. We are taking about starting a corporate foundation. Companies big and small can reap the benefits of having a corporate foundation.
For example, placing a full page ad in your local newspaper to create awareness of your company will cost thousands of rupees; on the other hand, through cause marketing initiatives, your company can get free advertising. This will helps to create awareness of your business, increase brand recognition and ultimately generate more sales growth. Consumers and employees tend to be more loyal to companies who do good works within the
community. In addition, funding for a corporate foundation does not have to come exclusively from the company; you can also get donations from the public, as well as employees. Overall, starting a corporate foundation makes good business sense.
There are many reasons why you should incorporate your small business, and the benefits and limitations will depend on the legal structure you choose. There are some benefits that apply to both Corporations and Limited Liability Companies. Choosing a business structure is an important step when starting a business. As a business owner you must carefully consider the options available to you, as well as the benefits and implications of incorporating your small business.