Corporation, S-corp's or LLC? Which one is best for me?
When opening up your business it can get intimidating and confusing in regards on taxes and how to pay your self. This post is an attempt to alleviate the stress involved with opening up your business. Here at Five Star Brokerage you can rely on professional and accurate tax advice to keep more of your hard earned dollars in your profit. Ready? Here we go:
1. Corporation definition as per NYS Department of State Website -
A business corporation is a legal entity separate and distinct from the individual(s) who compose the business. It has rights and abilities similar to those of a natural person. Principal features are perpetual duration, limited liability and easy transferability of interests. A corporation may be formed for any lawful business purpose or purposes
Similar to the above definition the S-corp is a tax election with the IRS to avoid paying corporate