MyCorporation Reports Corporations & LLCs Grow Among Michigan Small Businesses
DETROIT, Oct. 18, 2012 /PRNewswire/ -- Undeterred by the challenges of the economy, Michigan's small businesses continue to grow and are key to the state's well-being. In fact many independent contractors looking to expand their businesses are starting LLC's and corporations, finding these
One benefit worth noting when starting an LLC or corporation is that the shareholders involved in a corporation are not liable for corporate debts. In a sole proprietorship, however, the owners are held liable for business debts. If the company or the sole proprietorship's assets cannot satisfy the debt, creditors may pursue the owner's personal bank account and assets. With corporations, on the other hand, once funds are exhausted, its owners are normally not held liable. Another difference is that corporations present self-employment tax savings. In contrast, sole proprietorships are taxed on salaries and not profits.
There are currently 820,244 small businesses in Michigan; a state called the "car capital of the world" and home to many of the nation's largest corporations. Of these small businesses 179,525 are employers, which account for 51.6% of private sector jobs in the state. These small firms comprise 98.3% of the state's employers. These numbers are growing and making up larger portions of the state business mix. Minority-owned businesses numbered 109,031 in 2007, which is a 47.9% increase since 2002 numbers. (SBA Office of Advocacy)
MyCorporation offers several filing services that help you expedite filings that you would usually file with the Michigan Secretary of State and helps you to jumpstart your corporation or LLC by providing additional learning materials and support along the process. Small business represented 62.9% of the net new private-sector jobs from 2005-2008. At MyCorporation, starting a business is easy because each step of the process is laid out in detail so that you can focus on the details of your business, not the fine print legal specifics. To find out more about starting a small business in Michigan, contact MyCorporation at 1-877-692-6772 or visit online at http://www.mycorporation.com/.