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Yes, it is a good idea. I have had lengthy talks with lawyers and accountants on this issue.
The protections both legally and the tax benefits to incorporating make it worthwhile.
Legally, a corporation is an entity, just like you are an entity!
If your business does something wrong and is sued, YOU are not being sued, the corporation is!
If you do not incorporate, YOU are being sued personally and ALL of your assets - home, cars, banks accountants - anything you own can be taken to pay for that suite.
Of course, you always want to do the right things so that no one will want to sue you. That is the best protection. But there are many people out there and many ways to view things. If someone wanted to sue you, they might.
Once something enters a court of law, there is no way to accurately predict with certainty what the outcome will be. You could be stuck with legal fees and penalties. If the suite is frivolous, you might be able to get the person complaining about your company to pay all the court fees.
There is danger for both the person / company being sued as well as the person doing the suing.
But to protect yourself personally, you should incorporate!
Depending on your thoughts, most writers will form either a sole prop, or LLC. Some who may have writers who aid in their overflow may incorporate. Keep in mind though those that fully incorporate generally do so as an S-Corp. This gives them the option of being taxed as a sole prop. or a C-Corp...I have really never known anyone to do a full C-corp due to the extensive paperwork, double taxation, among other drawbacks...It has it's advantages too don't get me wrong, but as a writer it wouldn't be advised unless you are doing so as an S-Corp.
Please note the most popular actually is an LLC due to the legal protection, and lower ability to be taxed. It is what is considered a flow through entity like a Sole Prop.
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