How does a s corporation benifit a 2% shareholder and member of staff vs a c corporation?
We own 2 % shares of a trial company and work for it as ably. It is immediately a c corp and the owner wishes to renovate it to an s corp. Other than the taxes situation what are the advantages and disadvantages
Answers:
You obtain your paycheck, and any dividends the company pays. The S-Corp eliminate double taxation, as they don't hold to discharge federal income taxes, but you still do.
With a non-S-Corp, the corp pays income taxes, after pays you, and you pay your taxes also. If the company pays more taxes, it have smaller amount money to reward you net and dividends.
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Answers:
You obtain your paycheck, and any dividends the company pays. The S-Corp eliminate double taxation, as they don't hold to discharge federal income taxes, but you still do.
With a non-S-Corp, the corp pays income taxes, after pays you, and you pay your taxes also. If the company pays more taxes, it have smaller amount money to reward you net and dividends.