Hello and welcome. Thank you for providing an opportunity to assist you.
From what I understand from your situation, the type of situation you are in is very typical of golfers as such. In my opinion, you have both the options of either incorporating yourself as a C Corp OR a LLC. However, given the lesser administrative hassles, LLC should be more preferred.
Some professional golfers may even operate through a state level business entity such as a corporation or limited liability company. The formation of these entities is mostly intended to protect the golfer’s personal assets from claims arising from the business, but the choice of entity is also comprised of tax advantages and disadvantages of each entity.
Having said this, for tax purposes, the formation of a single owner limited liability company provides no additional tax issues to consider because the entity may be disregarded under the tax code. On the other hand, the formation of a corporation creates a separate tax entity and raises several more tax consequences in addition to those already discussed. The professional golfer has to file separate corporate returns with both the IRS and all relevant states in addition to his/her individual return. The professional golfer may be subject to double tax if the golfer chooses C corporation status, once at the corporate level and once at the individual level apart from paying himself a reasonable wage from the C Corp.
Given all the facts above -- with all other allowable deductions remaining same -- it is better from the administrative point of view that you incorporate yourself as a single member LLC.
I am sure this would help.
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