I have a friend who is a licensed plumber working for a plumbing company. Him and his wife owe $45K in CC debt. I told him there are two ways to get out of debt, increase your take-home pay and decrease expenses. He asked how and I told him you need more plumbing work sir! His company allows him to work on the side as long as it does not get in the way of his commercial plumbing job. He is thinking of doing his own residential repair work by forming a small company with only him and his wife who is not working currently. Ive started helping him by searching his best tax options since I do his taxes but I don't know anything about LLC's and C-corps, or S-scorps besides the basics.
He plans to get licensed, bonded, and insured, His wife I'm sure will do all the admin work and send him to different addresses as soon as he can get a client base and be like his dispatcher and take complaints and calls.
Oregon is not a community property state so single member LLC is out? What would be the most advantageous to both of them for filing taxes and what does that structure look like?
