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I am starting a public speaking consulting business with one other person. Most of our work will be done virtually and do not need an office space and will not have a physical product. We do not have investors. We have received conflicting advice about whether to form a llc or an s-corp. The s-corp has been suggested by some as the best for tax purposes, but others have warned that it is much more expensive to start and harder to maintain. What would be best for our situation?
Answered Mar 3, 2021
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.)
Do you have experience creating corporate structures for individuals (family trusts, holding companies, LLC, etc.) Also, experience with American citizens living in Portugal and digital assets would be a bonus.
Hi I am living with my wife, who together operate an LDA (Portuguese equivalent to LLC) in Lisbon at this current time.
We are interested in finding an attorney to assist in the creation of a Family Trust and LLC in the United States to put our development and rental properties under.
Answered Mar 3, 2021
I have extensive experience creating LLCs for clients. I am also an experienced elder law attorney who understands estate planning and how a family trust and LLC can work with your estate planning goals.