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Consulting Getting Started

Overview of key concerns, useful tools and professional conduct.

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Consulting,[object Object],Building Your Own Consulting Business,[object Object]
Business Organization,[object Object]
Sole Proprietorship/Partnership,[object Object],Advantages,[object Object],Easy and Cheap to Start,[object Object],All profits go directly to owner or 50/50 partners,[object Object],Complete control,[object Object],Disadvantages,[object Object],Unlimited liability,[object Object],All NET income taxed as personal income,[object Object],Potential loss of tax deductions,[object Object],Self employment tax,[object Object]
Limited Liability Company (LLC),[object Object],Advantages,[object Object],Easy to setup,[object Object],Owner(s) have limited liability protection,[object Object],Disadvantages,[object Object],Taxed like Sole Proprietorship/Partnership,[object Object],Annual paperwork,[object Object],Potential for extra state taxes,[object Object]
S Corporation,[object Object],Advantages,[object Object],Owner(s) have limited liability,[object Object],No Self Employment Tax,[object Object],Salary distribution can be coupled with profit distribution to avoid higher tax rate. “Reasonable Salary”,[object Object],Additional Tax advantages,[object Object],Disadvantages,[object Object],Significantly more paperwork (legal and accounting),[object Object],More expensive setup ,[object Object],More complex operation,[object Object]
Insurance,[object Object]
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Consulting Getting Started

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