Eager to leave the daily grind and be their own boss, more and more Americans are now working on their own as freelancers. As of September 2014, 53 million Americans work as freelancers — that’s more than a third of the total workforce! Some of these freelancers choose to create a formal business entity, while others remain sole proprietors (the default business structure if you never set anything formal). Selecting a business structure is an important decision, and often one filled with anxiety as new freelancers are worried about being open to a lawsuit or paying too much in taxes.
