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    Tax implications for different business types?
    In the next few months, I'm planning on starting my own small (one person) business. I'm wondering what the different tax implications are to the different business structures (S/C Corp, LLC), especially with potential upcoming changes to the tax code (keeping politics out of it).

    For instance, what are the tax implications to a small, one man shop as an S/C Corp vs an LLC?

    I'm asking because it appears that there may be changes to the existing tax code, and that might affect the business structure I decide upon.

    My wife generally does our taxes, so I want to make things as easy on her as I can, and I definitely don't want to run afoul of the IRS.

    Any thoughts or suggestions?


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    An LLC has complete flexibility on how it wants to be taxed whereas a corporation may not. A major disadvantage to the corporate designation is its double taxation implications. A corporation's profit is taxed once (corporate tax), and the dividends its shareholders receive is then taxed again (individual tax). The S-corporation designation does allow flow through taxation (no corporate tax), but there are certain requirements to qualify as an S-corp that may limit its utility to a business. Depending upon the circumstances of a corporation, it may have no choice but to be a C-corp and face double taxation. - See more at: http://www.mycorporation.com/learnin....ghNnkykk.dpuf


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