I friend of mine and I want to start a Internet based business ... we don't envision earning any money via this business for at least several years, but will need to invest some of our regular monthly income in infrastructure and services ... ownership and areas of responsibility are an issue so instead of just shaking hands on it we wanted something more formal ... furthermore, we don't expect to have anybody else involved in the operation ... so, LLC or S Corp? (or C Corp?) ... what implications does either have on Taxes ... if we have regular bimonthly income from our day jobs, from which we have withholding, do we also have to file quarterly tax statements (Form 1165?) in addition on behalf of the Corp (LLC)? ... the Idiot's Guide to Taxes doesn't help with this as far as i can tell and I didn't see it in the FAQ ... what about deductions? ... I'm assuming we can deduct our expenses on hardware, meetings, related travel, etc... depreciate physical assets over 5 or 3 years etc... Thanks in advance for your help
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