I do consulting and my client just made his first payment. I would like to use some of this money to register the business in Dec 2020 as a S-Corp. I will not touch the money otherwise, unless it is for some other related business expense like a PO Box or software. I want to be able to divide this money up accordingly and taxed at the rate desired - as a S-Corp and not a Sole Proprietor. Is that still possible or should I have already registered my business before I starting making some revenue? Will this specific payment have to be taxed as a Sole Proprietor or can I still make sure it is taxed as a S-Corp? If it's not too late, when is it too late?
