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Is incorporation necessary?
Q: I am thinking about investing in buying homes for resale with another party. Should we incorporate to do this?
A: There are pros and cons to incorporating in a situation like this. The obvious benefit is that by incorporating, you greatly reduce, and practically eliminate, your personal liability for the transactions. If one of the houses later proves to have problems, it is your corporation, and not you, who could eventually be liable. Protecting your assets is a great reason to incorporate.
The bad news is that it is not cheap. Hiring a lawyer and filing the paperwork can easily cost $2,500. If cost is not a factor, then I say do it. If a disgruntled homebuyer ever sues you, you will be very happy you did.
Some issues discussed in the expert forum are complex and continually changing.We recommend you consult a professional advisor about your specific circumstances, needs, and applicable laws. More details.
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