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1- FOR A SMALL LAW FIRM WHITCH ENTITY IS BETTER S CORPORATION

OR LLP. WHAT ARE THEIR BENEFIT...
1- FOR A SMALL LAW FIRM WHITCH ENTITY IS BETTER S CORPORATION OR LLP.
WHAT ARE THEIR BENEFIT
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Answered in 1 minute by:
5/22/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA : Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
MyVirtualCPA : From strictly a tax standpoint, the S corporation is a better choice, because you will pay yourself a salary and won't owe self employment taxes on 100% of your profit
MyVirtualCPA : With the LLP, your entire profit is subject to self-employment taxes
MyVirtualCPA : That's the biggest benefit of the S corporation
Customer: thanks
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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16,581 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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