Any options other than Incorporated and SP?

[gocanada963]

Hello Friends
I am confused on a good job offer I got. This is through a consultant and he is asking me to be either incorporated or Sole Proprietory. Could you help me understand and how to proceed?

1. Other than Inc and SP, are there no other ways to work through a consultant?
2. I want to go for a least hassle option- is SP a good option?
3. Are there any hidden issues if I agree for a SP? (My hourly rate will come down, which i am ok)

Please advice.

 

[Canadian Career Coach]

You may find this link helpful to explain the pro's /con's of both:

http://careego.com/CareerResources/ContractWorkConsulting/ASoleProprietorship/tabid/309/language/en-CA/Default.aspx#

Sole Proprietory is the most common option for an individual consultant. It's simple to set-up and you can get started very quickly.

Incorporating yourself can be expensive and requires you to comply to rigorous tax rules and reporting structures. Most independent consultants don't incorporate themselves - at least not in the beginning, it may be something to consider if you decide this is a long term career option as you then are able to protect your personal assets.