Started as an LLC Partnership. S-Corp filing now.

Here’s a spinoff question for the same group of guys.

It’s completely Hypothetical, of course : If you regularly get paid in cash for large sums, (For the questions sake we’ll say anywhere from 8k cash up to about 20k) this normally happens once to twice a month, most months. Hypothetically do you treat it as any other ordinary income, deposit it, claim it and etc or do other things with it that is no ones business?

I appreciate the way you help others with AC knowledge, Hypothetically that is a broad brush, we keep in the business as capitol when needed. K1's require good research for balance of tax liabilities.

Sole Member LLC. I just pay the self-employment tax.

I have a self directed solo-401k. I pay cash for houses and rent them through my 401-k.

J I sent you a pm

LLC partnership with my wife primary owner. No employees. We take owner draws as needed. Look into investing money in pre-tax opportunities to save on taxes from profits.

Not enough info to decide. All recommendations above could be right depending on circumstances and what you are wanting to do. A regular C corp could even be right in the correct circumstances. See a tax CPA. You don’t want to mess it up from the start.

S Corp saved me a ton

I have an S Corp and an LLC. It all depends on the nature of the business. Each type has pros and cons. Talk to a GOOD accountant and let them guide you. If you have an attorney friend you might want their input as well.