One of the most challenging aspects of leaving academe and becoming a “solo scientist” is dealing with finances.
The best way to simplify your financial life is to incorporate yourself.
An organizational identity can put you in the position to receive research grants.
Private companies, NGOs, and even government agencies provide grants to entities, but are leery about disbursing funds to an individual.
Companies have higher standards of accountability and make you look like less of a risk. It’s much easier for grant agencies to issue money to a corporate entity than to an individual.
Incorporating also makes you eligible for grants awarded to businesses, because that’s exactly what you are.
An Employer Identification Number can reduce the risk of identity theft.
It is much harder for someone to commit identity fraud with a corporate identity.
Incorporating buffers you against the dreaded employment gap.
Incorporating opens doors.
It is in the best interest of any scientist planning to go solo by choice or circumstance to incorporate.
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