New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I am a independent sales rep and the new company I am “working for” is asking me to incorporate. Would a c or s corp or llc work best?
Dear Sean,
In your case I would suggest forming an LLC, as it would be simpler to maintain, and by default it is taxed as disregarded entity (meaning its practically is a sole proprietorship, but limiting the liability to assets owned by the LLC only).
The only two states where you might want to consider S-Corporation instead are New York and Illinois, due to relative cost of forming LLCs in those states. In New York LLCs are required to do newspaper publication which could be quite costly, and in Illinois the total of state filing fees for LLC runs over $500, compared to just $175.
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