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Also, the risk of audits are substantially less with a S corp, so not dealing with the hassle and expense of an audit is a protential small benefit.

This is just my opinion, but I don't agree with that statement. Now if you had said that the risks of being audited are substantially less if you organize as a general partnership, I would have to agree with you, but that would be my personal opinion also.

When I was practicing as a CPA, we used to say in our firm, facetiously of course, that if you want to practice tax fraud, do so as a general partnership. They are rarely, if ever, audited.

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