Hey there fellow ESQs,
I am creating a professional corporation PC but don’t know whether to incorporate as an S corporation or C corporation. Anybody create a corporation who can lay out the benefits for an S or C corporation tax wise? My accountant isn’t being that helpful

likehelpful
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Fire your accountant and get someone competent.

likesmart

This is the most important advice. This is basic, 101 stuff that they should be able to easily understand.

likesmart

Probably an S Corp. But I would talk to an accountant.

likehelpful

You need a new accountant. Or a code tax/corp formation lawyer.

If you're looking for tax advantages, you're probably better off with a PLLC or LLP than any type of PC.

like

PLLC designated as an S Corp

like

Well, do you want to be taxed as a partnership or corporation? There loads re this online. Use your google-fu and educate yourself!

like

I think S-corp is for a company with 100 shareholders or less and the C-Corp is for your huge companies like Apple. Do not take this as legal advice. This is just what I seem to remember from law school lol

like

S Corp is a tax designation and the way to go. There are calculators, the savings I got were almost $50K difference and along with an LLC for the best legal protection.

like

I don’t think there’s any reason to use a C corp unless there are tax benefits, grants, SBA loans, etc. that require a C corp. in virtually every other situation S for a small corp.

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