Are you thinking about becoming a single-member LLC?
No. 1 on Netflix this week was the series “Tiger King,” documenting the real life story of Joe Maldonado, a.k.a. Joe Exotic, and his private zoo business. The series is 100 percent not safe for work, so don’t watch it at the office, but it does provide compelling examples of what NOT to do as a business owner.
Most business owners have avoided C-Corporations like the plague, and for good reason. In many cases, an S-Corporation election makes sense. But with the Tax Cuts and Jobs Act (TCJA), the rules have changed substantially, and you must re-evaluate your situation.