After signing the Uber contract to designate themselves as a self-employed private contractor, Uber drivers face the decision of what type of business structure they should operate under. They shouldn’t take this lightly, because the business structure chosen will affect their tax obligations and degree of personal liability. When Uber drivers don’t establish a formal business entity for their rideshare driving, they are, by default, classified as a sole proprietor. Operating as such is inexpensive and straightforward, but would an LLC be a better choice?LLC stands for “Limited Liability Company.
After signing the Uber contract to designate themselves as a self-employed private contractor, Uber drivers face the decision of what type of business structure they should operate under.
They shouldn’t take this lightly, because the business structure chosen will affect their tax obligations and degree of personal liability.
When Uber drivers don’t establish a formal business entity for their rideshare driving, they are, by default, classified as a sole proprietor. Continue reading “Do Uber Drivers Need An LLC?”