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Originally Posted by JA$ON
100% of the s-corps profits or losses get passed through to the owners of the s-corps stock. While still "income", you'll save the Social security, medicare etc on the portion that you take as a distribution.
Call a cpa. While there are benifits to an S-corp vs an LLC, an s-corp requires far more paperwork (keeping of minutes, the taxes need to be paid on the salry you takes etc)
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paperwork for your lawyer or accountant sure. I get charged just the same if it were a s-corp or llc. My meeting is telling my lawyer that nothing has chanced and off my paperwork goes to the state etc.