Join Date: May 2002
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
LLC and S-corp are pretty similar. I believe there is some tax benefits to having an LLC. From what I remember profits from the LLC get taxed as income on your individual return. S-corp profits are taxed seperately, then your income as a salary from the S-corp is also taxed. Sounds like you are smart going with the LLC in your situation. Last I checked it was a little more than $300 to set up. Where are you seeing it was rediculously expensive.
Brian (F.K.A. Crazy)
“You can’t escape the responsibility of tomorrow by evading it today.”
“Blessed are the young, for they shall inherit the national debt.”