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How much money can you make before you need to become incorporated?

I am thinking about starting a small event/party planning business. In the beginning I will not be making much money…it will definitely not be enough to make a living by any means. At what point should a small business become incorporated? How much money will I need to make before I am required to file taxes, ect.
I would be registering in the State of IL or FL.

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18 Responses to “How much money can you make before you need to become incorporated?”

  1. CJ said:

    incorporation is also about asset protection. If you get sued, they can come after your personal assets if you’re not incorporated. Depending on what State you live in, you could set up your company as an Limited Liability Corporation. (In CA it’s about $800 a year plus set up cost, approx. $1,500 if some one else sets it up).

    The corporation will save you taxes as you make money. It will allow you to deduct your business expenses.

  2. Doctor Deth said:

    it’s doesn’t make any sense until you are grossing at least $40,000 a yr maybe

    there is no requirement

    you can make 10 million a yr as a sole proprietor, but it might cost you more in taxes that way

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