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Dec 1, 2015
10:37
:57
am
Real Men Wear Blue
All-American
Will limit your personal liability & you can elect to be taxed as an S corp.
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Real Men Wear Blue
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Real Men Wear Blue
Joined
Jul 12, 2007
Last login
Apr 26, 2024
Total posts
13,924 (229 FO)
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Messages
Author
Time
I am moving to 1099 contractor in my field, do I need to set up an LLC?
1manwolfpack
11/30/15 10:44pm
I think the main reason is that it saves you in taxes
4mack
11/30/15 10:48pm
How so?
byubyu
11/30/15 10:50pm
Nope. Setting up an llc alone wont do anything to save on taxes.
RexIdaCoug
11/30/15 11:07pm
This. An LLC by definition doesn't do anything for your taxes. Its pass-thru
cheezedawg
11/30/15 11:59pm
You do an LLC to protect personal assets.
SoValleyCOUG
11/30/15 11:15pm
This. An LLC or S Corp protects your personal assets in the event of a claim
Saxa
12/1/15 5:44am
Not required, but I did an LLC
blucoug18
11/30/15 10:51pm
Other factors have to match as well. Contracting for a single company can
RebelScum
11/30/15 10:54pm
Here is the IRS link.
JAGA97
12/1/15 12:46am
It is expected to be full time work with this client
1manwolfpack
11/30/15 11:08pm
What is it you'll be doing?
BlueTooth
11/30/15 11:47pm
Don't answer this. ^ Works for Uncle Sam.
RebelScum
11/30/15 11:48pm
Ha! No, small engineering firm always looking out for some talent when there is
BlueTooth
11/30/15 11:51pm
Contract Clinical Research
1manwolfpack
11/30/15 11:58pm
If you form an LLC and you follow corporate formalities, then the LLC will help
Pasadena
12/1/15 12:21am
Pros and cons
CocaColaRecovery
12/1/15 12:22am
Buy good insurance. Protects you better than LLC.
JAGA97
12/1/15 12:22am
Will limit your personal liability & you can elect to be taxed as an S corp.
Real Men Wear Blue
12/1/15 10:37am
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