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OT tax related incorporation: PC versus LLC

Last post 06-03-2011, 2:37 PM by Courtney Nurell. 0 replies.
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  •  06-03-2011, 2:37 PM

    OT tax related incorporation: PC versus LLC

    Hello,

     

    I understand the difference between a PC and an LLC as it relates to the professional realm, however I am still trying to understand the financial (i.e. taxes, fees, benefits, etc) differences.

     

    Someone on a different post wrote this extremely helpful nugget regarding LLCs:

     

    "First, it is an extra layer of protection from being sued if anything happens on the job site. Second, it allows you to open a SEP retirement account and contribute 25% of all monies that are paid to the LLC tax free up 45-46 thousand per year. Finally, it allows you the opportunity to start a business without any employees and receive the tax benefits that go with it...i.e. mileage, CEU's, travel expense, and many more which will lower your tax bill significantly. "

     

    I was wondering if a PC would offer the same/ similar?

     

    And more specifically, would this change from state to state? I am currently located in NY.

     

    Any and all feedback is appreciated.