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| Going to be starting an ag supply business with a partner and was wanting some real world experience recommendations. Have talked to both an attorney and an accountant about LLC's and corps....both s and c. Near as I can tell is that an LLC provides virtually no tax incentive to the individual owners and would be taxed as self employment tax at the full rate, but giving liability protection of personal assets. Having virtually no experience in LLC or corps I could not hardly take in all the info related to the s and c corps. Sounded like there were some tax savings with a s corp by paying yourself a fair salary and taking the rest as a "dividend" or "distribution" and avoiding the 15.3% self employment tax on that portion.
We will both be equal partners in this venture with business separate from personal.
Just looking at the pros and cons of each one and what best fits our situation.
Looking to make tax burden as less as possible to try and retain as much profit as possible.....that's the goal at the end of the day and why we all do what we do isn't it?
Any advise or help is appreciated
Thanks | |
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Business Structure-LLC or Corp
