We get this question a lot from our high-income young clients - especially the ones who work in the creative industry: should I start an LLC, S Corp, or C Corp for my side business/1099 contract?  In this episode, Nathaniel and Tim discussed the following questions: When does it make sense to set up a business entity?  What types of structures are there?  What are the first steps in determining the type of entity you should set up?  What is the difference between entity structure and taxation of the business?  Overall, understanding what are you trying to achieve is crucial.  Is this a lifestyle business or an enterprise entity that you want to grow and maybe raise funds from outside investors someday?  Are you thinking long-term, perhaps even generational?  Talk to us, or your own advisors if you wish to learn more about this topic.