I set up a regular C corp 25 years ago (before LLC was an option) with a separate business license and business checking account. All revenue is reported under my FEIN.
There is one credit card and one debit card that is strictly for business expenses. The credit card is paid monthly from my business account.
I pay quarterly payroll and corp taxes plus year end filings and payments.
Schedule C is an open invitation to an audit, especially if you do your own taxes.
A corporation + CPA won't prevent an audit but unless you are doing something really goofy, that combo will minimize your chances.
Whatever your structure, run it like a business. Keep personal items separate. Follow IRS Publication 535 Business Expenses and you should be OK.
I understand, but those folks will need to be VERY good money managers and learn how to accurately track cash flow. Most agents fail because they are undercapitalized and have no clue how to manage what money they do have.
On top of that they are supporting themselves with advance commissions and betting on the come.
