On a related note, does anyone have some informed opinions on the best type of business entity (e.g. LLC vs S-Corp vs C-Corp, etc.) to set up for a consulting business such as this?
You mean LLC vs Corp? I'd go with an LLC. Corps have more formalities like required meetings, minutes, etc. And they're set up to be invested in. LLC should protect your assets without having to jump through too many hoops. The taxes differ, consult a tax pro. You can always convert an LLC to a corp down the road.
That being said, I consult on the side and am trying to grow my business and haven't set up any company yet. It's a little risky but then again I'm not doing the kind of work where I'm likely to get sued, and I don't have many assets.
That being said, I consult on the side and am trying to grow my business and haven't set up any company yet. It's a little risky but then again I'm not doing the kind of work where I'm likely to get sued, and I don't have many assets.