I'd appreciate some real life experience and advice on pros/cons of incorporating vs sole proprietorship (the basics are available online) for branching out as an independent consultant e.g. whether the new tax overhaul has made any difference in the post-tax income of one vs other.
Please feel free to call my cell (732.672.1836) or email (firstname.lastname@example.org). Thanks in advance for your help!
Subject: Re:Pros/cons of incorporating as an independent consultant
Submitted on 06-07-18 9:50 am. Message:
I did some consulting work while unemployed, and still do a bit here and there. I considered setting up an LLC, but ultimately just reported income and expenses on Schedule C without incorporating. You mention doing this "on the side", which suggests limited scope. Unless you will have employees, require liability insurance, or work with a company that requires an EIN, you may find it simpler (and much cheaper) to forego incorporating until/unless things get serious.