I have gotten conflicting ideas on which is better. One of the advisors was a tax-attorney friend of my MIL's who gave me some free advice, so I don't want to bombard her with questions. The other came from an incorporation service that I've contacted about arranging the incorporation for me.
The TA told me that an LLC would require, for the life of the LLC, a taxation rate equal to that of my personal tax rate, while a GC would have a tax rate of 15%. However, the GC would also require meetings of the "shareholders" (me) - bringing about the obvious questions of: how do I hold a meeting with myself?
I'm confused, really. I like the "tax advantage" of a straight 15%, given that if this biz takes off I may well end up in a tax bracket higher than that. However, the corporation agent mentioned something about ending up being taxed twice if I choose the GC option - he was very brusque with me and kind of made me feel like I was bothering him, so I thought I'd check w/you guys.
Orignal From: LLC vs. General Corp for one-owner small business (more)?
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