Hi, I'm starting a new idea with my business partner. My concern is about if we should incorporate the business or not. In order to make everything clear and transparent and to not have problems in the future if the idea works. We also need to accept payments and configure a merchant account. There is a company already incorporated where my partner is the owner. Should we use that company as an umbrella until we can afford the incorporation costs for the new company?.
Yes, it'll help support your new corporation better if you have another right hand corporation in your corner and will help with some start up costs instead of you having to come out of pocket with the costs and if the other corporation is well known and has a good reputation then that can be put onto your new business and give it a good reputation from the start.