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PAG M, WMBY FME PRES, WEDNEI3AY, MARCH 15, 1989 WHITBY FREE ýPRESS A BUSINESS UFDATE INFORMATION FEATURE ,NEWS .YURcoiSlN a aî,ii Clioosing thie right legal structure Should I incorporate my new business or should I run it as a sole proprietorship? That's surely one of the first questions asked by anyone ready to start a commercial venture. There are tradeoifs, of course, in choosing either legal structure. But for most fledgling enterprises run by owner-managers, it's usually better flot to incorporate immecliately. That's th expert opinion cf Graham Cunningham, an accoutant and senior partner with G.G. Cunningham & Associates Inc. of Toronto, a firm that deals extensive with smnall - and medium-sizeYbusinesses. "Often, it makes sense to remain a proprietor for at least the first six montha because cf 1I was thinking of incorporating, but what with double taxation, lIegal and accountants' tees ...1think l'Il give it a go on My own!11* significant tax reasons," says Cunningham. The major drawback to incorporating is double taxation, of both the owner and the company. Other complications include extensive record eeping and the higher accounting costs that go with it. Incorporating a company is prudent, however, when your pouct or service pute you at a igh risk cf liability. If you deal, for instance, in chemicals, explosives or even food (they can easily be tanipered with), incorporating makes good legal sense. Legally speaking, assets cf a corporation belong to the corporation and not te the owners. So, if a corporation goes bankrupt, the owners are not liable for its debts. Your los -. as the owner -- is restricted to the investment you made in the corporation. The claimant can't touch your personal assets. Besides the legal protection, incorporating can make it easier te raise capital and get a tax SEE PAGE 15 WILLIAM POITER, owner of Victorian Lam- plighter, Bowmanville, shows one of his. restored Jighting pieces. Fre Presphotoe Lighting store offiers original restored fixtures By Debbie Luchuk The country and. Victorian decorating styles reqiuire appro- priate accessories an d fixtures to complete the effect. The Victorian Lamp]ighter,at 85 King St. W. Bowmanville, offers the country/ Victorian decor enthusiast original, restored lighting fixtures for a lightin g look that enhances the s tyle of decor. Owner William Potter coflects the antique pieces from auctions, flea markets, pickups, his own foragings and from the general public. "I have varied prices, and my highest price right now would probably be about $1,200. They are priced from $95 and up," Potter said, adding that his prices are better than those in similar establishments in Toronto and elsewhere. "There's a fixture for every body.I figure everybody shoul have at least one p iece. "Old fixtures don't lose their value. In two years, five years down the road, I could selI a piece for what it was bought or more. You lose haîf the value of a new fixture as soon as you walk out of the door (of a lighting stere)," he said. Potter can assist the home- owner to find the best fiîxture to suit the period of their home or decor, and has done research on various period in lighting. "I can go as far back as oil fixtures," he said. Potter is dedicated to his SEE PAGE. 15 WHITBY TAX SERVICE LTD.e Wîthths years taxreform we wÎllgetyou al posssîble deducUons, non refundable credits and refundable credits. We offer a year round seirvice. For Your Personal umsS.W &Confidential Appt.wu Cail 430-1166 I Ln~.i Mon. to Sat. 9:30 to 6. Evcnings 6 to 9 (I3y Appointaient <)nly) 401 1 965 Dundas St. W., Suite 202, West Lynde Plaza IL-