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)
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.