Thinking of starting a business with a partner? Be careful with your structure—especially if you’re considering an S Corp.
Here’s the smarter setup:
• Create an LLC taxed as a partnership (1065)
• Each partner then owns their share through their own S Corp (1120S)
This structure unlocks thousands in tax savings, more retirement account options, and extra write-offs like home office, auto, and travel. Don’t share an S Corp—it limits your planning opportunities.
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