Once upon a time a friend and I formed a sub S corporation for software development. The thinking behind the sub S was liability protection with minimal taxes. Unfortunately, choosing to do my taxes myself rather than use a CPA got me in trouble because I didn't declare distributions as wages. The corporation was dissolved and all tax issues addressed. My partner called today and told me that someone he met is interested in purchasing a license for a software package I wrote (30K+, depending on options and customization) so we may need to form a new company to start marketing and supporting this. I still need liability protection but would like to minimize taxes. Does a partnership or LLC have to match SS withholding? Is there any way to do this so that the extent of the taxes we'll pay will be the same as if we were each W-2'ed for half the net income?
- posted
17 years ago
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