A major reason many people choose not to incorporate is because of the costs involved and double taxes that must be paid.

Question

Quizplus · Accepted Answer

This statement is true. The costs of incorporating, such as filing fees and legal fees, can be significant. Additionally, corporations are subject to double taxation, meaning they pay taxes on their profits at both the corporate level and the personal level when dividends are distributed to shareholders. This can make incorporation less desirable to some individuals or small businesses.

A Major Reason Many People Choose Not to Incorporate Is