This question is really too broad based to provide assistance in a forum such as this:
- You need to have a one on one with a tax professional where you can discuss the business, the economics, the goals, the activity level of the member's, etc.
- All entities have pros and cons
- Your state of residency can come into play (community property state)
- You need to consider earnings, fringe benefits, etc
- While you may be married filing joint, long-term impact needs to be considered for each spouse
- Any entity requires a separate bank account, credit card, etc. Don't commingle funds
- Make sure you understand the accounting and payroll that will be required
- Spend the $$ now to get the entity started that will meet your goals; and doesn't run afoul of any tax problems.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
