In this video, I showed how to set up an LLC for Independent contractors in 2024 (Step by Step). I also talked about the benefits and difference between an LLC and 1099 form independent contractor and how to switch from 1099 to LLC.
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Do you have an online business? Or are you are freelance writer or consultant? Maybe you clean houses or sell real estate? If so, you might be an independent contractor.
In the newly developing gig economy, many people work as independent contractors. They want to control their hours and be their own boss.
As an independent contractor, your default business structure is called a sole proprietorship. A sole proprietor is someone who individually owns and operates an unincorporated business.
The primary benefit of a sole proprietorship is that it is simple to run your business. You report all income on your business on your personal income tax return. And you don't have the corporate filings or paperwork of a formal corporate entity.
However, the main drawback is that you are personally liable for any claims against your business operation. Therefore, if you are self-employed, you want to protect your personal assets from your business activities.
In that case, you may consider instead forming a limited liability company (LLC) for your business.
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If you wanna share anything with us about this video or wanna ask any questions, make sure to comment below, and we will get back to you as soon as we can.
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