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Originally Posted by gonadman
Gar- Thanks so much for answering all these questions... I've got one for you.
I'm a sole proprietor of a high liability business. I employ 8 part time employees and one independant contractor. I have a Sep-Ira set up for the vested employees.
Due to the liability, I need to incorporate. What is more beneficial in terms of taxes, expense, and hassel factor, an LLC or an S Corp?
Thanks
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You'll need to see a CPA for this one. Offhand, I'd recommend doing a S Corp and having an aggressively low salary to reduce your SE tax impact compared to a LLC.
Remember, however, to take at least a reasonable salary you can defend to the IRS. Pigs get fat, hogs get slaughtered.