Self-employed techs

[Willem Blees]

-----Original Message-----
From: David Love <davidlovepianos at comcast.net>
To: 'Pianotech List' <pianotech at ptg.org>
Sent: Sat, 6 Oct 2007 4:25 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 



Here is what my son, the CPA, says:

Quick answer:

LLC and SCorp will both provide similar legal protection. But LLC is NO 
different from Sole Prop for tax purposes. 

So, if you looking for just legal protection, then LLC is fine. Setting up an 
LLC is fairly harmless, and there are not many down-sides. (Or any financial 
up-sides).

However, if you want tax benefits AND legal protection, then SCorp is the way to 
go. 

Of course the tax benefits of an SCorp are not easily explained or obtained. So, 
anyone doing this should discuss it with a good CPA before setting up an SCorp. 
Otherwise, you may end up worse off than before.






Willem (Wim) Blees, RPT
Piano Tuner/Technician
Honolulu, HI
Author of 
The Business of Piano Tuning
available from Potter Press
www.pianotuning.com





 



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