Need to start a company. Essentially I will be consulting thru my own firm. What are the key considerations e.g S Corp vs LLC. Payroll taxes. Car expenses, lease, home office costs

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An SMLLC (with default filing) tends to be most flexible. There are so many variables though, you might actually save more electing S corp or even C corp tax status. As an LLC that elects S corp status you still have corporate formalities such as appointing directors, you must have payroll, you must have board meetings. Even if it’s just you as a sole S corp shareholder, you typically still have to jump through these hoops. If you have an actual team it might not be as bad. I looked into it a lot and decided an single member LLC was best for what I’m doing. That could be very different for you though. Do a lot of research and if you need, talk to a professional.

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Do the Single member LLC. The tax nonsense doesn’t really matter as your success is how much revenue you get and how much in profits you pull down. Go make a stupid amount of revenue and then worry about this noise.

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I would consult with an attorney and an accountant to make the best decision for you. I could talk about this subject all day, but you’re not giving us a whole lot of information concerning your long-term business goals. These are considerations when deciding between an S corp and an LLC, and starting a business in general.

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Thank you for the perspective. Appreciate it

A quick google search might help you better

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Talk to an attorney. I see a lot of people who form S corps and then violate S corp status because they don’t understand the limitations. But everyone above is right, your choice of entity depends upon your own facts and circumstances

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