Today, corporations have become the gold standard for starting a business. The corporate business structure can help reduce your taxes and help protect you against the threat of personal liability. Other advantages of a corporation include:

* Self-employment tax savings, which can amount to thousands of dollars annually
* The ability to offer a wide range of benefits such as medical reimbursement plans, 401k and other retirement plans
* Better access to capital from investors and from banks
* Shareholders are not typically liable for corporate debts