Im a small business and looking to upgrade to C-Corp or S-corp but torn. My yrly revenue is small <10000. I dont want to go broke growing my small biz but want to be protected. Also i read that with s-corp they put they taxes with your personal taxes?
4 Answers from Attorneys
An LLC would probably make more sense then. If you cannot take advantage of capturing revenue post reasonable salary as a dividend then how is an S-Corp really going to be beneficial?
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If you do decide to go with an LLC, our law firm can help at http://www.CheapNewYorkLLC.com
I concur with Frank that a LLC might be preferable to a corporation, while affording the same creditor protections. A one-person LLC does not need to file a separate return and the incomne/loss also factors into the owner's personal tax return (Schedule "C").
Be mindful that a one member LLC is taxed in a similar manner to a sole proprietor thus impairing many of the tax advantages of an LLC.
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