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Business Formation

Business Formation

Single Member LLC 101: Everything Solopreneurs Need to Know

So, you’ve taken the plunge and started your own business. If it’s been successful, you may have heard…

Jun 15, 2020 · 8 min read
Business Formation

Freelancers Guide to LLCs – What You Need to Know

Are you a freelancer who’s ready to officially form their own business? That’s great! Just keep in mind…

Aug 4, 2019 · 13 min read
Business Formation

Freelancers Guide to LLCs in Virginia: What You Need to Know

Are you a freelancer who’s ready to officially form their own business? That’s great! Just keep in mind that…

Jul 31, 2019 · 12 min read
Business Formation

Freelancers Guide to LLCs in Washington – What You Need to Know

Are you a freelancer who’s ready to officially form their own business? That’s great! Just keep in mind…

Jun 3, 2019 · 12 min read
Business Formation

Freelancers Guide to LLCs in Utah – What You Need to Know

Are you a freelancer who’s ready to officially form their own business? Congrats! Just keep in mind that…

Jun 3, 2019 · 11 min read
Business Formation

Freelancers Guide to LLCs in Arizona – What You Need to Know

Are you a freelancer who’s ready to officially form their own business? Congrats!  But, before you dive into…

Jun 3, 2019 · 12 min read
Business Formation

Freelancers Guide to LLCs in Florida – What You Need to Know

Are you a freelancer who’s ready to officially form their own business? That’s great! Just keep in mind…

Jun 3, 2019 · 12 min read
Business Formation

The Ultimate Guide to Naming an LLC in Texas

Registering your freelance business as a Limited Liability Company (LLC) comes with a host of perks.  But before…

May 30, 2019 · 10 min read
Business Formation

Freelancers Guide to LLCs in Texas – What You Need to Know

Are you a freelancer who’s ready to officially form their own business? That’s great! Just keep in mind…

May 30, 2019 · 12 min read
Business Formation

The Ultimate Guide to Starting a Business In California

Are you ready to start a business in California? We’ve got some great news for you: there’s never…

Sep 18, 2018 · 10 min read
Business Formation

Guide to Single Member LLC Post Entity Formation Setup in California

After you’ve filed your articles of organization with the California Secretary of State, your LLC will begin its…

Jul 26, 2018 · 7 min read
Business Formation

A Complete Guide to Disregarded Entities in California

Whenever you establish a business, it receives a type of tax treatment automatically from the IRS.  The good news…

Jul 26, 2018 · 7 min read
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Net profit = Total revenue - total expenses

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  2. Subtract your expenses. Deduct all business costs like supplies, rent, utilities, software, contractor payments, and loan interest.

An estimate is fine, you don't need exact figures.

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You withhold income tax, Social Security, and Medicare from their paychecks, and they get a W-2 form from you at the end of the year.

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We are experts in the unique needs and challenges of self-employed people and know that our confidence gives others confidence, too. Reach out to say hello and join our team.

We are experts in the unique needs and challenges of self-employed people and know that our confidence gives others confidence, too. Reach out to say hello and join our team.

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Collective provides a suite of tools, back-office support, and general information. Our services are not intended as tax, legal, or professional advice.

* Savings estimates reflect the average 2023 federal self-employment (SE) tax savings for Collective members with an S Corp tax election, based on business profits that would've otherwise been subject to SE tax. Actual savings will vary based on individual circumstances.

** Based on data sourced from Shopify blog, QBO Essentials, QBO Live, Gusto, Taxfyle, Intuit "Tax Pro" Research, LegalZoom and JustAnswer.com as of August 2025.

† Individual tax return packages are billed as an annual, one-time add-on fee.

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