Briana C.

Founder, Branch Legal LLC

Boston

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Summary info

Hourly Rate
$350
State License
CA, MA, NY
Years Practicing
10
Insurance
Yes
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1 Question Answered / 1 Recent Answer
July 8, 2022
A: For a small service business with no outside investors, the LLC form probably offers you more advantages than the corporation. (For example, LLCs offer greater flexibility, fewer corporate formalities, and pass-through taxation which is especially beneficial in the early stages of an LLC if you have other income sources.) The S-Corp election does not affect your choice of entity (LLC or corporation). Either kind of entity can make the S-Corp election, which just tells the IRS how you should be taxed. You can form an LLC at the beginning and make the S-Corp election for that LLC in the future, if and when it makes sense (you will still be an LLC then, but an S-Corp for tax purposes only). The S-Corp election only makes sense to do once your net profits reach a certain level. The purpose of the S-Corp election is to reduce your taxes. Filing the S-Corp election is not itself very expensive, but you will need to incur the costs of running payroll. (LLCs don't have to run payroll.)