If you create an LLC and you are the sole member nothing will change.
If you decide to become a single member S-Corp then you have a whole big change. Now your LLC will file a separate tax return. When you file as an S-Corp you also have to pay yourself what the IRS calls a "reasonable salary". So - regardless of how well the business is doing - you will have a payroll with at least one employee on it - yourself. This requires that you also file all of the necessary payroll tax returns quarterly. You would need to fill out a W9 form and submit that to everyone who pays you so that the 1099 that you receive at the end of the year is made out to the corporation and not to you as an individual.
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