S Corp vs. LLC
An S Corp isn’t a legal entity??
Technically, no, an S Corp is NOT a legal entity. It is a tax election. “Omg, what!?”
The most common legal entities for freelancers / small biz owners are Sole Proprietorships and Limited Liability Companies (LLCs), which are very similar aside from the fact that an LLC gives you liability protection for your personal assets and a Sole Prop doesn’t.
When you form your biz as an LLC, you will automatically be taxed as a sole prop. Which means you will pay income + self-employment taxes on ALL the business profits.
However, if you file as an S Corp, you will pay income tax on all the profits BUT you only must pay self-employment taxes on the salary you pay yourself. (Sounds nice, right?!) Just keep in mind that filing as an S Corp will only benefit you if you are only paying yourself a percentage of the biz profits.
*Disclaimer: We are in no way advising you legally or financially on which tax election to choose. The info provided is for educational purposes only.
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I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
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Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
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