Incorporating / LLC / Sole Proprietorship for Independent Contracting

Started 3 months ago | Discussions thread
RDKirk Forum Pro • Posts: 16,120
Re: Switching from S-Corp to Sole Proprietorship

Jacques Cornell wrote:

My two-person event photo biz was incorporated in NYS as an S-corp, which is a low-overhead form of incorporation designed for small businesses. However, I am switching this year to a sole proprietorship because the burden of complying with federal and state UI and employer tax filing requirements was too much for this little biz with no budget for a full-time accountant and tax consultant. Yes, my personal assets are now vulnerable, but I'll count on a decent insurance policy and carefully-written contracts to protect me. I've been happy with APA Insurance.

Depending on court precedents in your state, if you were a one-person business your personal assets may always have been vulnerable.

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RDKirk
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