Investing
4 months ago
What business structure should I choose — LLC vs S-Corp for a solo consultant?
35
I'm quitting my job to become an independent management consultant. I expect to make $150k-200k/year. Should I form an LLC or an S-Corporation? I've heard S-Corps can save on self-employment taxes but require more paperwork and reasonable salary requirements. Is the tax savings worth the complexity for a solo consultant? At what income level does the S-Corp election start making sense?
DR
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