I am a pharmacist and want to form a professional service corporation in California that provides pharmacy consulting and operational services. I am the only individual who will provide this service. I want to minimize my tax burden. Would it be best for me to form an S corporation OR an LLC with S tax status?
I understand that your question is whether there is a difference between taxation of S-Corporation as such and an LLC that is elected to be taxed as S-Corporation.
A quick answer – there is no difference, thats why the LLC is elected to be taxed as S-Corporation. However, I would recommend choosing LLC simply because you can at one point elect it to be taxed as disregarded entity, if that would benefit you more tax wise.
You should consider consulting a California based accountant who would help you establish whether S-Corporation status would provide you with maximum tax savings (it could be established only based on your personal financial situation). In any case, I believe you should form an LLC and then decide on how this LLC will be taxed.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.