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S Corp or Sole Proprietorship?

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B

BiziMo

Guest
Michigan. I currently have a home-based medical transcription business. I would like to leave my "day job" and run my business on a full-time basis. Because of self-employment taxes, withholding issues, health insurance, etc., should I consider an S corp or remain a sole proprietor?

Thank you.
 


L

loku

Guest
New business

If you are interested in protecting your personal assets from business debts and liabilities, you should consider either incorporating or forming a Limited Liability Company (LLC). If that is a factor, the LLC gives you the same protection and is easier to form and requires less formalities to run. If personal liability is not a factor, then it would be simpler to remain a sole proprietor.

See our material on Starting a Business at http://business-law.freeadvice.com/starting_a_business/.
 

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