This might not be the right board to ask this question on, but if it's not I hope that someone will direct me to the right one. I'm in the process of buying my first business - a small distribution company - and am wondering which type of legal entity would be best: an S corp or a LLC ?I am definitely looking for something that allows the legal protection of a corporation and also allows pass-through income treatment. And I'll be the 100% owner (or maybe my wife will be part owner, but probably not....I don't think that would make a difference in this decision though), and I'll be working there day to day overseeing a bunch of part-time employees.I understand that there is some nuance between an S corp and a LLC with respect to how / if I can deduct self-employment taxes, though, but I don't fully understand that. Does anyone have a simple explanation for me ? I think that is really my decision point, and that all the other differences / similarities between S corps and LLCs aren't necessarily relevant to me (eg - the # of owners being limited to 75; the type of entity that can be an owner, etc).Thanks !
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