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I want to open an insurance company insurance agency* my…

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Hi I want to...

Hi I want to open an insurance company insurance agency* my client wants to buy a 2M premium policy

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

What type of company should I consider? llc or s corp?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I want to hire my parents as my employee since they don't have a job here is it okay to hire immediate family in California? kk

Submitted: 4 months ago.Category: Finance
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Answered in 7 hours by:
3/8/2018
Financial Professional: bkb1956, Finance Enthusiast replied 4 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,415
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

LLCs and S corporations are very similar entity structures.

If you are a sole member LLC, your income and expenses are reported on Schedule C of your personal tax return (1040).

If you elect S corporation status, the S corporation will file its own tax return, but will not pay any tax. An S corporation is a pass through entity which means any profit/loss is passed through to the shareholder. The shareholder includes that information on his/her personal tax return.

The following link contains excellent information regarding LLC vs. S corporation:

https://www.bizfilings.com/toolkit/research-topics/incorporating-your-business/s-corp-vs-llc

Once you have reviewed the information, please let me know if you have any other questions.

Thank you and best regards,

Barb

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Financial Professional: bkb1956, Finance Enthusiast replied 4 months ago

Just following up with you to see if you have any other questions. If so, please let me now so I can continue to help you.

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