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Because of the rapidly changing circumstances, please refer to conferenceonarchitecture.com for the latest information on A’20 sessions and events.
I would say now is the time to gather your professionals around you. You'll need a good attorney and accountant. Pick them for their expertise in corporate law, negotiation, and contracts. Get folks with knowledge of the construction industry, and hopefully contacts in the areas you want to practice. Do your own research, but also rely on their advice.
Whether Subchapter S or LLC depends on your state taxes, how many partners you have and what is best for you.
We were a Subchapter S for 30 years with two partners.
As a subchapter S all income flows to you on a K-1 , but you file a corporate return with no taxes due.
There are differences in your individual liability, so best to review carefully.
If you are interested in shielding your savings from a lawsuit, I suggest you look into a charitable annuity with a group you favor; your school or a non-profit.
You get a tax deduction in the year you set it up plus the annuity return to you is generally shielded from any judgements and is somewhat tax deferred.
Luckily I never had that issue, but am enjoying getting "mailbox money" , now that I am retired.
Betty Trent, AIA LEED AP