Quote:
Originally posted by FreeNetPass Dave
S-corp and llc are essentially the same.
-They both give you the same personal liability protection, which is the main reason to do either.
-You pay personal taxes only on the income from both types (no corporate tax).
-The cost to setup an LLC is around $100 (in my state anyway) and the cost for an s-corp if you have your lawyer do it should be no more than around $500.
-The major difference is that an s-corp requires that you distribute shares (you can hold 100% of the shares). You are also required by law in most or all states to hold an annual board meeting (this is bs, you just have to document that you held the meeting even if it is with yourself).
Hope that helps, but in the end I would still visit your lawyer.
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Yep. This helps a lot. I just contacted my lawyer before reading this post, and he said what you just did almost verbatum. S corp does seem the more professional way to go, and as predicted, that's what he recommends. I'm not even gonna bother talking with my accountant. I know what he'll say already.
