I am trying to understand how the incorporated self-employed defined in the CPS. I could not find a detailed explanation for that. Are incorporated self-employed the ones including S- Corporation and C-Corporation and others (Sole Proprietorship, Partnership, LLC, general partnership, limited partnership) are unincorporated? Thanks in advance.
Yes, incorporated self-employed are those who work for an incorporated business (corporation) that they own. This is determined by a question in the CPS questionnaire: “Was this business incorporated” (see the pdf pages 161-162 for the 2019 ASEC documentation, for example).
Thank you for your prompt response. Just to be clear, my understanding is that incorporated businesses are composed of C-Corp, S-Corp, and B-corp. Do let me know if there is anything wrong with my understanding
As I noted in my earlier post, the exact wording of the question is “Was this business incorporated?” The CPS interviewer manual does not give any more detail on specific types of corporation that should be counted. I would presume this includes any type of corporation. If you need more certainty about this, I suggest you reach out to the BLS directly.