Legitimizing Your Side Hustle: Is Incorporating Worth It

As Americans quit traditional jobs to transform their side hustles into their primary jobs, many wonder if they should take the next step in legitimizing their business by forming an LLC.

When deciding whether or not to take the next step with your side hustle, it is important to consider how you would organize your business from a legal perspective.

LET'S TAKE A LOOK AT WHAT TO CONSIDER WHEN DECIDING IF YOU SHOULD INCORPORATE YOUR SIDE HUSTLE

Incorporation Cost The cost of forming an LLC varies from state to state and could impact your incorporation decision. Texas is one of the most expensive, with a filing cost of $300, whereas other states cost...

Administrative Fees A freelancer also has to be wary of how you will be seen in the eyes of the law after incorporating. How the law treats corporations is distinctly different from how they treat individuals.

Articles of Organization The first step...is to submit Articles of Organization.  Once incorporated, the LLC can own property, be sued and sue others, manage bank accounts, borrow funds, and hire workers.

SWIPE UP TO READ THE FULL ARTICLE