Setting up your own S corporation can be a great option for small business owners who want to protect their personal assets and reduce their tax liability. However, it’s important to understand the pros and cons of an S corp before deciding if it’s the right choice for your business.
Can I set up my own S corp? You can start an S corporation (S corp) by forming a limited liability company (LLC) or a corporation and electing S corp status from the IRS when you apply for your Employer Identification Number (EIN). An S corp is an Internal Revenue Service (IRS) tax classification, not … Read more