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[Anonymous]

Corporation is always better if you are in the U.S. As a sole proprietor, you have less opportunities for tax deduction and are also subject to a self employment tax. Plus you are not faced with any legal liability on your personal assets if the corporation has any unresolved liabilities.

[Anonymous]

@Warren 233603 wrote:

Corporation is always better if you are in the U.S. As a sole proprietor, you have less opportunities for tax deduction and are also subject to a self employment tax. Plus you are not faced with any legal liability on your personal assets if the corporation has any unresolved liabilities.

Same with Australia… I used to be sole proprietor… paid the $1000 and went for a corporation. Have never looked back either. Also it helps with growth, and giving yourself a wage, retirement fund, funds for projects – it’s what pushed me into running my “hobby / interest” into a proper business.

[bonuscasinozob]

I’m setup as an LLC in Illinois. I was familiar with the LLC model so went with it again.

[JS-gambling]

Corporation are always better.

[JS-gambling]

Reason is simple they bring more diversified capital to the business.

[JS-gambling]

Tell me what kind of business you want to start?

[abbykung]

@Rak 233612 wrote:

Same with Australia… I used to be sole proprietor… paid the $1000 and went for a corporation. Have never looked back either. Also it helps with growth, and giving yourself a wage, retirement fund, funds for projects – it’s what pushed me into running my “hobby / interest” into a proper business.

I’ve always done my tax as a sole proprietor, but it sounds like a corporation is much better. I learn so much from the threads in this forum. I’m going to ask my accountant about this tomorrow. I just thought it was easier to be a sole proprietor, but I guess easy doesn’t always mean better (or it never does lol). Thanks heaps for that Rak

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