Hmmmm. I started the LLC because a friend and I are starting a website, and he suggested I protect myself in case for any reason people sue me…. the website is still not done but I’ve been using the LLC and it’s bank account for my other independent contracting business…. … uggg. going to see an accountant today.
James- Sounds like you have some serious misunderstandings about taxation. I’m sort of confused by your phrasing, as well. There’s no way I can give you an estimate about your tax situation. The profit from the S-Corp helps you because it’s profit…I’ll repeat my previous refrain: see a professional. Having said that, I think the S-Corp was a poor decision. (more…)