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

xdemoncamberx

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?

Tuah Bao

Are you considering to run a partnership or company? I would say it is better to run a company in the long term. In other words, register a company and receive a salary.

The 2 obvious reasons are:
1) You won't personally liable for any liabilities or debts the business incurs.
2) Eligible for certain tax incentives or deductions