01-17-2007, 02:41 PM
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Confirmed User
Industry Role:
Join Date: Feb 2005
Location: Foxwoods
Posts: 785
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ditto
Quote:
An LLC gives you good flexibility, especially if you work with multiple partners and each take different shares of the company. Profits are passed through to you individually and it's very easy to setup and maintain. The biggest downfall of an LLC is having to pay self employment tax.
An S-Corp will help get rid of self employment tax which can save you thousands of dollars a year.
It really comes down to saving a few grand and whether the extra paperwork and lack of flexibility is worth it. I stuck with LLC because I'm a lazy fuck.
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