Private members-only forum

LLC vs S-Corp in 2024 — At What Income Does S-Corp Save Money?

Started by llc_vs_scorp_question · May 9, 2024 · 9 replies
For informational purposes only. This is not legal advice.
LV
llc_vs_scorp_questionOP

Looking for advice on this situation. LLC vs S-Corp in 2024 - At What Income Does S-Corp Save Money? Any guidance would be greatly appreciated.

Details: I'm in a situation where I need to understand my legal options. Has anyone dealt with something similar?

SC
SarahE_CounselAttorney

The "best state" for incorporation depends entirely on your specific situation. Delaware makes sense for VC-backed startups. Wyoming for privacy. Your home state for most small businesses. Don't pay extra for a fancy jurisdiction if you don't need the specific benefits.

LE
LisaT_Employment

The most important thing for LLC protection isn't the state you form in — it's whether you maintain the corporate formalities. Separate bank accounts, proper record-keeping, adequate capitalization. Without these, the LLC is just a piece of paper.

LE
LisaT_Employment

The most important thing for LLC protection isn't the state you form in — it's whether you maintain the corporate formalities. Separate bank accounts, proper record-keeping, adequate capitalization. Without these, the LLC is just a piece of paper.

RC
RachelM_ConsumerLawAttorney

The most important thing for LLC protection isn't the state you form in — it's whether you maintain the corporate formalities. Separate bank accounts, proper record-keeping, adequate capitalization. Without these, the LLC is just a piece of paper.

HA
HRDirector_Anon

The most important thing for LLC protection isn't the state you form in — it's whether you maintain the corporate formalities. Separate bank accounts, proper record-keeping, adequate capitalization. Without these, the LLC is just a piece of paper.

KM
KellyMartinez_ModModerator

Good discussion. Tagging this for the resource library.

LV
llc_vs_scorp_questionOP

Update: Thanks everyone for the guidance. I consulted with an attorney and we're moving forward. The advice here helped me understand what questions to ask and what to expect. Will update when there's a resolution.

ELN
EmploymentLaw_Nerd Contributor

Crossposting my experience here because I think it's relevant: I successfully disputed a charge through my credit card issuer under the Fair Credit Billing Act. The key was filing within 60 days of the statement date and putting the dispute in writing. The credit card company investigated and issued a permanent credit.