An accountant can do it for your for about $400. A C Corp. separates the company’s identity from your personal identity. You file a corporate return and a separate personal return.
Thank you....I was snooping Google for info.
Will pass this info along to hubby....:)
[We are Joe the Trike Builder!]
The disadvantage of a C Corp, at the moment is that the “net income” can effectively be taxed twice. Once at the corporate level and again when a dividend is declared to get the profit (after an acceptable wage to the owners) out of the C Corp to you personally.
There are additional tax rules that apply to “closely-held” corps as well. This is why most small business’ are S Corps.
It would be worthwhile to talk to a tax accountant before you before you become a C Corp, as they can look at your personal situation.