Hello Gabriela Katz,
What a great question!
Starting a new business does require a lot of though, research and perseverance! I can give you some general tips, as well as websites to review.
However, you may want to talk to a local financial planner or small business lawyer in your area.
Not every small business run by one person has to be an LLC. There are many self-employed "disregarded" business that have never formed and LLC. If you have an LLC and you are the only person running the business, the IRS "disregards" you as a partnership.
An LLC can be formed in your state, and then an election can be made to become an S-Corp. It's not a one or the other type of decision.
Staying as an LLC does make it easier for you when you file your taxes. When you are a single member of a limited liability company (LLC), you will file your business return information on what is known as a schedule C and then report the final outcome, profit or loss, directly onto the normal IRS form 1040.
If you decide that an S-Corp is the way to go, you will file your corporation taxes by March 15, and then use the forms generated to help you file your personal taxes by April 15. If you are treated as an S-Corp for tax purposes, your income will be passed through the business to the owners of the business on what is known as a K-1.
There are many factors as to when a person should turn their LLC into an S-Corp. For more information, feel free to refer to the following TurboTax websites: https://turbotax.intuit.com/tax-tips/small-business-taxes/llc-tax-filing-rules/L39E29kPR and https://turbotax.intuit.com/tax-tips/small-business-taxes/limited-liability-company-taxes/L5TDDlstC .
Thanks,
Sean
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