[bigbob]

Went the same route 8 years ago. I set up a full corporation with Subchapter S election, whereby all profits can be passed through to me as the sole shareholder and taxed as ordinary income. Your lawyer should be able to suggest the best option for your particular circumstances. Consulting has very low overhead and I knew there would never be any partners so this was kind of a no-brainer for me, and it still gives me the structure to do any other things corporations might want to do. Good luck!

[Alberta's Child]

Thank you! I am actually leaning in that direction. Do you pay yourself a straight salary as an employee of the corporation? If so, how do you minimize the risk of having the IRS impose payroll taxes on profits that it claims are mischaracterized salaries?

That will be a question for the CPA, of course.