Updated over 14 years ago on . Most recent reply
sub chapter s corp
my partner and i have been talking to a cpa and he told us to start up an s-corp to avoid self employment tax which is at about 15% in minnesota. according to him we would 1) incorporate our business 2) file with secretary of state 3) get fed and state id #s 4) file sub s status 5) open bank account 6) buy quickbooks.
is this what we should be doing instead of having an llc with my partner? how much is it usually for an s-corp startup? i know an llc here cost about $170.00 and i can do that myself but the s-corp will be done with a lawyer as well as our lawyer drawing up a contract between my partner and I to protect ourselves. is an s-corp the right way to go?