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I'm wondering if any of you know how its best to usually set up an Agency in corporate terms? I've been running as a DBA so far and as business is picking up I think the added shielding of either an S-Corp or LLC would suit me a little better.
I've noticed taxability on S-Corp may be preferrencial to being an LLC however just simple naming for an S-Corp is different. My DBA has always been <My> <Name> Insurance Agency. With an S-Corp it seems I'd have to tag on a Inc. or Corporation to the name by law. With an LLC I'd just denote an , LLC.
S-Corp from my understanding allows me to pay myself a salary out of the corporate income and grant myself a year end bonus that would spare me the 15.3% Self-employment tax. Can anyone shed some more light on this? Why you chose one over the other, or if S-Corp is even done for insurance agencies?
I've noticed taxability on S-Corp may be preferrencial to being an LLC however just simple naming for an S-Corp is different. My DBA has always been <My> <Name> Insurance Agency. With an S-Corp it seems I'd have to tag on a Inc. or Corporation to the name by law. With an LLC I'd just denote an , LLC.
S-Corp from my understanding allows me to pay myself a salary out of the corporate income and grant myself a year end bonus that would spare me the 15.3% Self-employment tax. Can anyone shed some more light on this? Why you chose one over the other, or if S-Corp is even done for insurance agencies?
