(originally written for The Water Trough, Ed Drozda’s fabulous website):
Have you just started a business and been wondering whether or not to incorporate? Or freelancing for a while and wondering if now is the time to do it?
What are the pros, cons, choices? LLC, S Corp, L3C, R2D2 – my head, she is spinning.
The turning of the year is a good time to review your options.
Preliminaries
In most situations incorporating* is an option not a requirement. You are a freelance architect, you are an architect with your wife, you are an architect with your wife and your mistress – you may incorporate but you do not have to.
When would you have to? Read more