The video was originally posted on Quora. Checkout My Quora Page where I answer more questions about freelancing and Upwork.
Yes. You should set up an LLC, a separate company where your money goes. You want to separate it from your personal bank accounts and have it sent into a business bank account.
I would suggest doing this so you can make your life easier. Once you register as an LLC you can get your EIN and then you can plug that into Upwork.
If you have any other questions you would like me to answer, please email me or comment below!