LLC

Limited Liability Corporation

a Business Structure that's supposed to be easier/cheaper than forming a C-Corp, so used often by a Start Up

http://en.wikipedia.org/wiki/Limited_liability_company

service for creating one for you http://www.corporate.com/

http://danashultz.com/blog/2009/08/27/can-i-form-an-llc-without-a-lawyer/ - suggests using No Lo materials instead of a service

For a One Man Show, why bother (vs just doing Schedule C) (or, conversely, creating a true C-Corp)?

• Rob Walling doesn't bother, just does a Sole Proprietorship
• liability protection (if a customer sues you)
  • but fair amount of work to maintain
  • In terms of Liability protection, a One Person Llc has rather low odds of protecting you.
• profits can sometimes be shielded from Self Employment Tax (but only those not actually "distributed" to you - can be a separate RetirementSavings program)