S Corp Vs. LLc for a Part time DJ
Hi all,
Before I ask my question I would like to provide a brief overview of my current situation:
I am a full time salaried (W2) employee of an Investment Bank, but also DJ parties on the weekends through a fully insured company (I also do gigs on the side with my own equipment not through the company). The DJ company has gotten a lot busier over the last year and starting 9/07 and forward, the owner decided to put everyone on the books and give us paychecks rather then cash (1099 each year).
I have heard the possibility of either setting up a single member LLC or an S Corp for tax advantages, and I would love to hear some advice from anyone. Please keep in mind that since I do parties on the side (not through the company), I should probably have some liability protection, so doing nothing might not be the best option.
I am a beginner with this whole process so please be patient with me lol.
Thanks again,
J