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I have searched though all the old post from here and other forums and I feel more confused than when I started. I’m going to be a one man show with no plans to add more people. How do I and how did you decided on which entity you wanted for your company? Any help would be greatly appropriated
 

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Do you have an accountant? Much better question for an accountant. I will say starting out you won’t turn much of a profit, assuming you will be dumping cash back into the business so the tax savings an S-Corp would afford you might be irrelevant. Furthermore as an s-Corp you would need payroll, which isn’t expensive but it does cost money. As you become more profitable an s-Corp will probably save you money on taxes. But again, I know a lot about turds and turf accessories, you should have an accountant go over this with you.
 

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Do you have an accountant? Much better question for an accountant. I will say starting out you won’t turn much of a profit, assuming you will be dumping cash back into the business so the tax savings an S-Corp would afford you might be irrelevant. Furthermore as an s-Corp you would need payroll, which isn’t expensive but it does cost money. As you become more profitable an s-Corp will probably save you money on taxes. But again, I know a lot about turds and turf accessories, you should have an accountant go over this with you.
We looked at both,it's just me and my son co-owners of the bisines,and an S-corporation was a better way for us to go,it helps so much on taxes at end of year,esp when trump was in office
 

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I'm LLC. I know you can be an LLC filing as an S-corp. I would go LLC and then see about filing as S-corp perhaps. All depends on what your accountant would recommend that you do but to start with an LLC is the way to go for most people and you can always change it later if you want to.

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For some reason my accountant told us S-Corp was best way to go vs LLC,I think he said if we got sued they could only sue the business but double check that
 

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For some reason my accountant told us S-Corp was best way to go vs LLC,I think he said if we got sued they could only sue the business but double check that
Them only being able to sue the company is what LLC is typically for.
As long as you make sure to keep business and personal finances separate your business could go bankroupt but your personal assets are safe. There is a little but of work to do to technically do things right as an LLC but the most important one and one most often overlooked is what is called "piercing the corporate veil" let's say you use the business credit card to buy groceries and you paid your dentist bill with a company check. Now you mixed finances and "pierced the corporate veil" instead if you make sure to do an owners draw and transfer money to a personal bank account and then pay all personal things from that account then you and your business are separated by the corporate veil.

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Them only being able to sue the company is what LLC is typically for.
As long as you make sure to keep business and personal finances separate your business could go bankroupt but your personal assets are safe. There is a little but of work to do to technically do things right as an LLC but the most important one and one most often overlooked is what is called "piercing the corporate veil" let's say you use the business credit card to buy groceries and you paid your dentist bill with a company check. Now you mixed finances and "pierced the corporate veil" instead if you make sure to do an owners draw and transfer money to a personal bank account and then pay all personal things from that account then you and your business are separated by the corporate veil.

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There was a reason why S-Corp was better than LLC I just can't recall it at this point,also I applied for a PPP loan this year and because we are an S-Corp we could only use our personal taxes for the PPP,could not use the business taxes for PPP which would have given us way way more money,but o well we got a little
 
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