When starting a new...small...company...is it better to register as an LLC or Corp. I believe with an LLC you ahve to pay yourself a salary...and with a Corp you share in the profits...is this actually an S-Corp? What are the advantages and disadvantages to both?

S-Corporations tend to cost more in fees to establish and an LLC. You can choose how you pay yourself with either business entity. You can decide how compensation is distributed when you file your Articles of Organization (LLC) or your Articles of Incorporation (S-Corp) so that shouldn't really affect your decision. The S-Corp's profits can be distributed through share of stock ownership (net profits) and also through salaries. for example if one owner works as a manager full-time and another owner works for only 20 hours a week, you can have equal stock ownership but have a different level of wages for each owner in addition to this.

For tax purposes, both are considered a pass-through entity in which the taxation is all done by individual owners on their individual tax returns (both entities still have to file other forms such as quarterly estimated taxes). Both provide liability protection from creditors. Other taxation differences include profits distributed to shareholders being counted as dividends and not have to use self-employment taxation because owners can be employed by the S-Corp itself.

S-Corps require a lot more upkeep in that they have to adhere to record keeping requirements and other formalities. LLC's can be managed as the owners want and have set forth in their Articles of Organization.

get yourself a good book on LLC's and go that way, keep accounting in place, keep it straight and simple and for a small to medium business you will be fine

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The paperwork with a class-s was a nightmare, where I was able to setup an LLC very easy, and a lot less costly

LLC's are very easy. If you look at states like Nevada they give great protection and privacy.

also if you do choose an S corp, one of the advantages is that the pass through income (your profits) are taxed as simple ordinary income not subject to FICA or self employment tax, which can save substatial amounts of taxes, however the IRS has started cracking down on this abuse and you will need to pay yourslef a salary relative to the work that you do, for example if you work is a network consultant and you give yourself a salary of $9000 a year with a pss through of $175,000. You cna bet red flags will be going up at the IRS