LLC VS S CORP

2469818

{"text":"I can't help but notice that the majority of owner ops run under an LLC. I'm beginning my venture as an 00, and my attorney and accountant are suggesting an S CORP opposed to LLC. My understanding is that under an S CORP; I would reforge a salary paid through the corporation and only be taxed on that salary. with an LLC, you can just throw that money in a checking account and spend it however you wish. But with an LLC, you will also be subject to much higher taxes and more likely to be auditted more often. Any thoughts?","videos":"[]","link":"{}","pics":"[]","canComment":true,"externalShare":false}

925557

{"replyTo":"","text":"Everyone's situation is different. I would take the advice of you attorney and accountant. If they are both competent, and you trust their advice, they will give you advice that is in your best interest. I am set up as an S Corp.. I pay myself a paycheck. They both offer limited liability protection. With an LLC, you will be subject to self employment tax. An S Corp has far more reporting requirements compared to a LLC. It's important to choose wisely based on your personal needs.","replyToPid":0}

2469818

{"replyTo":"","text":"Thank you for the input. Much appreciated.","replyToPid":0}