My wife and I are trying to decide if we should incorporate to complete a condo purchase.
From what I understand, the primary benefits to incorporation are:
Are there other benefits that I have missed?
My concern is that the yearly tax and filing requirements for a corporation could get expensive. For example, the incorporation article on this site mentions:
What are the typical annual costs to maintain a corporation that is used to hold real estate? How much of the paperwork can be done [easily] by oneself (assuming you are not living in the DR).
Are the benefits of incorporation worth the additional paperwork and costs?
Thanks
From what I understand, the primary benefits to incorporation are:
- Avoid the inheritance tax if the asset is passed to our children
- Corporations don't pay property tax
Are there other benefits that I have missed?
My concern is that the yearly tax and filing requirements for a corporation could get expensive. For example, the incorporation article on this site mentions:
- Annual filing of income tax. For corporations with "authorized capital" of RD 50K or greater, this must be audited by a CPA
- Renewing the registration every 2 years
- Filing shareholder meeting results with the Mercantile Registry
- Filing VAT tax?
What are the typical annual costs to maintain a corporation that is used to hold real estate? How much of the paperwork can be done [easily] by oneself (assuming you are not living in the DR).
Are the benefits of incorporation worth the additional paperwork and costs?
Thanks