Making myself into a corporation?

[beaneek]

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To all practicing OD's out there: What are the advantages/disadvantages of making oneself into a corporation (LLC) as an independent contractor OD? How would one go about doing so?

 

[ariel winter]

pros = good for tax purposes if you don't have to pay back loans

cons = makes no sense if you plan on using most of your earnings towards loan repayment

you have to contact your province or state of practice. there will be several articles required for processing to get this done.

hope this helps.

 

[optsuker]

You eventually will want too be incorporated, and it's a huge PIA to do it later, so incorporate from the start. LLC vs S-Corp depends on the state you live in.

 

[hiisociety]

You eventually will want too be incorporated, and it's a huge PIA to do it later, so incorporate from the start. LLC vs S-Corp depends on the state you live in.

Agreed, PLLC is a great way to start per my discussion with my family accountant.