"LLC v. S Corp

You need to see a professional to figure this out. If you are the sole member of a business and form as an LLC, the entity protects you legally for liability (provided you follow all the requirements in your state of incorporation and operation---there are instances when any entity can be pierced to your personal assets) BUT the IRS disregards your entity for tax purposes. This makes it more simple, but also subjects yourself to self-employment tax which can be expensive on say a $100K salary (after 90,000 approx. it goes substantially down). Further, if you have more than one partner in your LLC, that puts you into a very complicated part of the tax code called Subchapter K--which is the section dealing with partnership. VERY complicated.

The S corp. has great advantages as well, such as the ability to avoid self-employment tax. Both protect you from liability. You can issue stock in both, etc...See a professional and weigh your need for liability protection against your need for having a good tax strategy---don't let the tail wag the dog on this issue."

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Originally posted by 65darkhorse:
Which one can you write the most crap off with

TIA

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My wife says the S corp is the better deal. But, see a professional.