David, I know that one of the main attractions of incorporating is that it separates your assets from the corporation's assets in case of a lawsuit. If there is trouble, it is the corporation that is at risk, not you personally. Also, all business income comes to your company, and the company pays you a salary, takes out taxes, etc. I have an informal partner, he is LLC. He uses a payroll service, that takes care of all that for him, for a fee. He has employees, and that gives the responsibility for figuring out employee taxes, withholding. etc to the payroll service, and they pay him and his wife a salary. I know that there is much more to be said on this. Our chapter had a technical on this, and the lady said that there was much to be said for forming an S-corp, but it was awhile ago, and I don't remember it all. I'm sure that there are more who will enlighten us all further. Clark A. Sprague, RPT ----- Original Message ----- From: David Love To: 'Pianotech List' Sent: Saturday, October 06, 2007 10:25 AM Subject: RE: Self-employed techs Has anyone explored the differences between forming an LLC and an S Corporation and the benefits of going that route as opposed to a simple sole proprietorship? If anyone can direct me to good literature or share their own experiences on the subject, I'd appreciate it. David Love davidlovepianos at comcast.net www.davidlovepianos.com -------------- next part -------------- An HTML attachment was scrubbed... URL: https://www.moypiano.com/ptg/pianotech.php/attachments/20071006/1d5685d2/attachment-0001.html
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