Related Posts
Hi Everyone,
I resigned from infosys and my LWD is Dec27th. And My manager said they will provide me onsite opportunity for Canada or Mexico. Can you please suggest me how to make sure that they will send me for onsite. Please suggest 🙏🙏🙏🙏 i have to decide and tell them back.
Infosys Tata Consultancy Mindtree Lnt infotech Wipro HCL Technologies Accenture IBM Cognizant Mphasis
Additional Posts in Consulting
Bain & Company Which are the best consulting firms and practices for Climate Change & Sustainability, especially in the Canadian geography? Also, please suggest the best Canadian city for consulting jobs.
McKinsey & Company | Boston Consulting Group | Bain & Company | Kearney | LEK | EY | Oliver Wyman | PwC | Deloitte
#ClimateChange #Sustainability #Water #ESG
Any recs for CIPM study books?
Layoffs at Walmart corporate 😬😬
New to Fishbowl?
unlock all discussions on Fishbowl.




Tax-wise, there is no difference. As the name indicates, contracting through your LLC gives you greater protection should anything go wrong and you get sued (the business is sued, not you personally). But, either way, you will report this income on your personal tax return and will owe the same amount of tax regardless of your contracting entity.
Pro
Ignore Independent1. I've had 2 LLCs and can say without hesitation that it is definitely worth it even for 15k.
PROS:
1) You can always keep it active for future projects.
2) In addition to personal liability protection, having an LLC unlocks the ability for business expenses. And lowers your overall tax liability.
3) LLC taxes can be done within your existing 1040 tax return.
4) Theyre cheap and easy to set up. You dont need a lawyer or any of those $500+ websites. Rather just Google to find the appropriate state agency (e.g. department of treasury or taxation). I opened an S-CORP last week in about 10 minutes for $125 direct from my state's .gov website.
CONS:
1) Additional governance paperwork such as filing an annual report with your state ($55 in my state)
2) Some states charge a fee to reinstate or close an LLC if you let it go inactive. I learned this the hard way during COVID.