Compassionate Girl
New member
I just started a graphic design & copywriting services company. I am the owner and only employee and have spent days researching the various choices from sole proprietorship, LLC, s-corp etc. S-corp seemed most attractive from a tax-savings stand point, but EXTREMELY complicated from a paperwork standpoint.
I am trying to apply for my business bank account and merchant services, but they need my EIN first. I have not applied for my EIN because I don't know which business entity to choose. Apparently, I need to file the paperwork for LLC or S-corp PRIOR to issuing an EIN number, but the advice varies. I don't want to drag this process out, or spend a ton of money to get things started as I am eager to get my business moving ASAP. I don't really need the protection associated with LLC & S-corp as I have no overhead, no loans, and not really susceptible to any kind of law suits. Is it worth the hassle to file as s-corp from a tax standpoint, or would it be easier to just go with the sole proprietorship for the sake of time and costs?
I am trying to apply for my business bank account and merchant services, but they need my EIN first. I have not applied for my EIN because I don't know which business entity to choose. Apparently, I need to file the paperwork for LLC or S-corp PRIOR to issuing an EIN number, but the advice varies. I don't want to drag this process out, or spend a ton of money to get things started as I am eager to get my business moving ASAP. I don't really need the protection associated with LLC & S-corp as I have no overhead, no loans, and not really susceptible to any kind of law suits. Is it worth the hassle to file as s-corp from a tax standpoint, or would it be easier to just go with the sole proprietorship for the sake of time and costs?