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I’m a Freelancer – Should I Set Up a Corporation?

If you are starting a business as a freelancer, you have a choice of the legal type of business structure (entity) that you choose. There are advantages and disadvantages among becoming a Subchapter S Corporation, a C Corporation, a Limited Liability Corporation, a Sole Proprietor, or a Partnership. Since there are both legal and tax implications attached to each type, it is best to get your lawyer, financial advisor, and/or accountant involved in the decision making process. Most people want to pay a little tax as possible, and incur the least amount of paperwork overhead when running their own business. In this article we will detail the facts that you need to consider, along with their consequences, so you can have a good starting point of reference when you meet with your legal and tax professionals. About Being A Sole Proprietor This type of entity will happen de facto if you choose no other form of entity for your business. ...

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