https://www.entrepreneur.com/article/38822
Sole proprietorship
File 3 tax forms. Individual (1040), Schedule C which calculates profits and loss, and final numbers are put into 1040, and Schedule SE which calculates self employment tax cost.
Allowed to pay self employment tax 4 times a year instead of all at once.
Liable for expenses, damages, lawsuits. But a good insurance umbrella plan could cover this.
First, must file a assumed name certificate with register of deeds in our county. Form attached.
https://edpnc.com/wp-content/uploads/2017/12/A-NEW-AssumedBusNameCert-final-10.03.17corrected.pdf
Also need to copywriter or trademark my business name so no one else can use it.
Corporation
File taxes separate from individual tax forms. AS a corporation.
Pay double tax as a corporation.
Must keep pristine records, keep all money 100% separate, probably hire someone to do it and taxes.
Less liability but only if you follow all laws exactly.
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