Two man team, how to optimize profits. What would be the smartest move here?

xdemoncamberxxdemoncamberx Posts: 1subscriber Member
edited May 2018 in Business Planning
Ok guys so the rundown: My father and I just got contracted to edit and produce two seasons worth of TV shows at 25 episodes each. We are looking at making about $200k in profit to start between the two. As of right now we are just freelancers, but we are looking at ideas as how to optimize profits and be as smart as possible. My father is wanting to put me on salary and do it as an official business and give me benefits and the whole deal. However, is there a better way to go about this, being as we are only a two man team and maybe do not need to go overkill here.
In terms of taxes and all that we want to just maximize profits as much as possible and not have to pay more than we need to.

Would it make more sense to stay independent contractors and pay into benefits, SS and everything else independently, or, him creating a business and paying me salary and everything else?

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