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Level 1

Question

LLC versus Corporation

Forum|Forum|2 years ago
November 14, 2023
1 reply
2 views

I hear that filing for a Corporation (General Stock) is better in the long run versus LLC, as you can pay yourself a salary to help offset the tax liability. Also, if planning to have employees, is this the best way to go?

Level 15

You are asking a very broad-based question which also raises state income tax and liability issues.

Further, it makes a great deal of difference as to whether the LLC is a single-member or multi-member LLC and, further still, whether the corporation would be a C corporation or an S corporation.

You really do need to consult with a local tax professional and legal counsel for this matter.