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If you are the single owner, you are expecting profits, and you do not plan on bring on investors, your best option may be to set up a S-Corporation. I say this because in a S-Corp you avoid the double taxation of a C-Corp, are partially protected from self employment taxes, and you would have liability protection. The reason I say "partially protected from SE tax" is because, as an owner/officer, you would need to take a reasonable salary when there are profits and distributions, and when you pay a salary, you pay payroll taxes. You should inquire with the SBA about any seminars that will educate you on running a corporation, as there are strict regulations and rules you must follow. You would also have an extra tax return to file and your personal tax return would become more difficult as well. Please let me know if you have further questions.
An LLC has more flexibility with distributions and profit and loss allocations. Also, an active participant would have their income from an LLC subject to SE Tax. A single member LLC (SMLLC) is also not a federally recognized entity, so you would generally report income on your Schedules C, D and/or E. You can organize an LLC and elect to have it taxed as a corporation as well.