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Which is Best: LLC Taxed As An S vs. Sub S Corp
Currently a C Corp. Changing to S next year.
Single shareholder is also the only employee.
Usual Fee income: $500K - 1MM.
Salary = 50% of fee income.
Maxing SS and retirement contributions is not a consideration.
My state does not have a corporate nor individual income tax.
My state allows exemption from Workers Comp.
Converting to an LLC would require creation of a new entity. Before I go through the time & expense of a new entity, would like to know the pros and cons of each. Number 1 priority is to maximize after tax income. another variable is the amount of paperwork required.
Thanks for your help. I am new to this Forum; I hope I've posted properly.