Hi All,
I'm thinking of starting out a consulting business. I'm currently working full time, but may soon consult for my firm part time and also part time with other firms. I spoke to 2 accountants, one suggested s corp, while the other suggested c corp. Couldn't fully understand the difference even after their explaination. But I do know that its easier to setup s-corp.
I work in the IT field in NYC. there won't be any partners as I'm the only one in my firm. Can some one tell me the major differences between the two? Also provide me some tips and/or experiences about starting out a new firm and how to handle paper works such as expenses and receipts.
TIA
I'm thinking of starting out a consulting business. I'm currently working full time, but may soon consult for my firm part time and also part time with other firms. I spoke to 2 accountants, one suggested s corp, while the other suggested c corp. Couldn't fully understand the difference even after their explaination. But I do know that its easier to setup s-corp.
I work in the IT field in NYC. there won't be any partners as I'm the only one in my firm. Can some one tell me the major differences between the two? Also provide me some tips and/or experiences about starting out a new firm and how to handle paper works such as expenses and receipts.
TIA