What type of company should I file for?

[Entrepreneur]

I read threads discussing this but not sure if the nature of the business impacts what is better to go for.

2 very different types of services would be provided:
1) marketing research and data analytics consulting
2) psychological counseling

S-Corp, C-Corp, or LLC? The only downside for me right now for LLC in NY is that it can cost over $1,000 for the publication requirement (at least that is what I have seen quoted to advertise in NYC papers)

Thanks

[churnbabychurn]

Isn't the publication requirement only if you want a business name?

[Entrepreneur]

Isn't the publication requirement only if you want a business name?

I am not sure.  I will check it out.  Thanks

[Yehuda25]

Isn't the publication requirement only if you want a business name?

IIRC you are required to have a business name.

[notanonymous]

I read threads discussing this but not sure if the nature of the business impacts what is better to go for.

2 very different types of services would be provided:
1) marketing research and data analytics consulting
2) psychological counseling

S-Corp, C-Corp, or LLC? The only downside for me right now for LLC in NY is that it can cost over $1,000 for the publication requirement (at least that is what I have seen quoted to advertise in NYC papers)

Thanks

What are you asking regarding?  Liability or taxes?

[googwallet]

S-Corp, C-Corp, or LLC? The only downside for me right now for LLC in NY is that it can cost over $1,000 for the publication requirement (at least that is what I have seen quoted to advertise in NYC papers)

See here http://www.masurlaw.com/1182/new-york-llc-publication-requirement/
AFAIK you don't have to do the publishing, although as soon as you file for an LLC all the companies that offer the publishing service will send information regarding the so call requirement and the severe consequences if you don't...

[EMCC]

Register an LLC in a different state.

[Bostener]

Isn't the publication requirement only if you want a business name?

-1

[Entrepreneur]

What are you asking regarding?  Liability or taxes?

Liability

[notanonymous]

Liability

The terms 's-corp' and 'c-corp' both refer to IRS filings, nothing to do with liability. 

To protect yourself, you need to file (incorporate) with the Secretary of State for your state.

[notanonymous]

www.dos.ny.gov/corps/llccorp.html#artorg

[notanonymous]

After you do that, then you can worry about paying your taxes.  You can keep it as is with the IRS, and you'll file a schedule C, or you can submit a form to be an s-corp.  You'll then file 1120-S.   The main difference is that with an S-corp, you can take a distribution which does not need to pay FICA.

[yitzf]

The terms 's-corp' and 'c-corp' both refer to IRS filings, nothing to do with liability. 

To protect yourself, you need to file (incorporate) with the Secretary of State for your state.

LLC gives you the same liability protections.

[churnbabychurn]

After you do that, then you can worry about paying your taxes.  You can keep it as is with the IRS, and you'll file a schedule C, or you can submit a form to be an s-corp.  You'll then file 1120-S.   The main difference is that with an S-corp, you can take a distribution which does not need to pay FICA.

The main dif is that with a C earnings are double taxed. A very important distinction.

[notanonymous]

LLC gives you the same liability protections.

That is what I was trying to say.  Sorry if I was not clear.

[notanonymous]

The main dif is that with a C earnings are double taxed. A very important distinction.

Correct.  I was trying to explain the dif between s-corp and schedule c.  C-corp should not even be a consideration for most small businesses.

[Bostener]

The main dif is that with a C earnings are double taxed. A very important distinction.

Well, not so, depends who the accounted is.  If before the year end the owner takes out as wages the entire net income, the C corp is taxed only once.

[notanonymous]

Well, not so, depends who the accounted is.  If before the year end the owner takes out as wages the entire net income, the C corp is taxed only once.

True, but still has to pay fica (as opposed to a distribution via a s-corp).

[Bostener]

This topic is beyond the scope of this thread.

[churnbabychurn]

Well, not so, depends who the accounted is.  If before the year end the owner takes out as wages the entire net income, the C corp is taxed only once.

Only if the wage is reasonable under the circumstances. Otherwise it can be disallowed..