It’s not difficult to form an S corporation: First you establish yourself as a C corporation with your state’s office of the secretary of state; then you file an additional Form 2553 with the IRS, which converts you to an S corporation. As an S corp, you no longer have to pay taxes twice: once on profits at the corporate level and again on dividends at the individual level. S corporation earnings flow through to your individual tax return. You’ll also be protected from personal liability by the well-defined precedents of corporate law. It’s also important to keep in mind that in 2018, pass-through entities will receive a 20% tax deduction due to the recent tax reform.