If you meet the criteria, you may find it worthwhile to obtain certification as a minority-owned, woman-owned, veteran-owned, or disabled-veteran-owned business. Certain government contracts require that a set percentage of the work be subcontracted to a firm with one of these certifications.
Some states in the U.S. (including New York) require you to publish a notice in the newspaper once you’ve set up your entity.
Contract templates save you time. Once created, have your attorney view the terms of your contract to ensure it holds up in all states where you do business.
An Employer Identification Number (EIN) is a federal tax identification number for your business entity. You’ll need this EIN for many transactions such as setting up a business checking account, obtaining insurance, and registering as a vendor with clients. You can request a free EIN directly from IRS.gov.
While it is legal in the U.S. to work as an independent consultant without a business entity, we strongly encourage setting up a legal structure. For roughly 80% of consultants in the U.S., the right structure is a simple LLC. You should, however, consult with your attorney and tax accountant to confirm the right entity […]