What is the proper legal structure for a Home Based Agents business?
As an Independent Contractor the HBAs must make this decision themselves. One criteria of independent is that we do not tell our HBAs how to structure their business. There are several options as they see fit according to their ambition and volume of business: Sole Proprietor, Partnership, Personal Income, or Corporation. Limited Liability Corporations or LLC are popular, and there is a “Single Member LLC” that makes tax reporting very easy because the annual profit is reported as single line on the personal income tax return. More information is available, and you can easily create a new corporation with the State of Florida ($99) at www.sunbiz.org Or, there are many attorneys that specialize in creating new business structures.
