undefined | Better HN

0 pointscamgunz4y ago0 comments

Yeah, that's fair (yeah you can also deduct health care premiums on Schedule C). I think the liability shield is really important though, and if you're not wild about the S corp administrative overhead you can choose to be taxed as a sole proprietor.

0 comments

nilsbunger4y ago

An LLC doesn't help you against your own actions though:

"forming an LLC will not protect you against personal liability for your own negligence, malpractice, or other personal wrongdoing that you commit related to your business"

from https://www.nolo.com/legal-encyclopedia/limited-liability-pr...

My understanding is it won't help you if you're just consulting by yourself, because everything is your own action.

camgunzOP4y ago

Yeah I mean, if you commit negligence or malpractice (which are serious, not like the client didn't like your work) you're liable, so you need insurance. And you can still go to jail for actual crimes. But the creditor/bankruptcy liability is nice and basically free.

j / k navigate · click thread line to collapse