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Originally Posted by R0ns0n97
I definitely wont be providing any information that I deem should be kept confidential. But again thank you for concern.
Regarding the subchapter S corporation. Some reasons for having this is to pay yourself a standard salary for what you do, which is subject to employment tax, and take the rest of your earnings as dividends, which saves you the MediCare and Social Security taxes you would otherwise be subject to if one were another business entity. The big disadvantage is that you have all the paperwork involved with a corporation, along with a lot of restrictions...
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I set up an S-corp to run my personal investment and consulting business. There is hardly any corporate paperwork (probably about an hour a year) and very few restrictions. Of course, I'm the only shareholder, which simplifies things a lot.
Likewise your wife is the sole shareholder. I'm neither an accountant nor a lawyer, but I see no advantage to a C-corp when there is only one shareholder. Corporate profits pass through the S-corp as profit distributions to the shareholder. I'm guessing that you must have a lot of staffing (with 15,000 square feet of office space) so maybe that would preclude S-corp? Ask your accountant or attorney.
Lindy