LLC vs sole prop

Forum|Forum|2 years ago
February 28, 2024
1 reply
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I am a veterinarian (so some risk of being sued). I have picked up shifts at various clinics for a year, but will soon go to full time gig work. I will be working at clinics that I already have been doing 1099 work for, and would have to redo all of my contracts if I formed an LLC. I also do not currently have separate business and personal accounts. Should I

1. Form an LLC, open a business bank account, and redo all my contracts and direct deposits OR

2. Remain a sole proprietor. If so, is there any point opening a separate business bank account?

Ask the Experts - SelfEmployed - Feb 2024

RobertB4444

Level 15

You should form a corporation and redo all of your contracts. You need to sit down with an attorney and a tax professional to plan all of this out for yourself. There are some serious tax savings to be had by incorporating and getting out of the sole proprietorship.

@Kep0017

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