Small Business

Both entities provide the benefits of pass-through taxation to avoid double taxation of profits as well as limited liability for the owners.
S Corporations pass-through income to the shareholders who pay no Self Employment tax on that income, While LLC income is subject to self- employment tax.
S corporations have restrictions which are not applied to limited liability companies.
Limited liability companies cannot issue stock, but rather, they offer memberships. S corporations, issue stock and are owned by the shareholders. S corporations are managed by the directors and officers, while limited liability companies are managed directly by the members unless they hire managers

A close corporation is also known as a closely held corporation. It is a corporation in which the stock of the corporation cannot be traded on a public exchange such as the NYSE, NASDAQ, etc. and the number of shareholders must be specified, and typically cannot exceed 35 and certain limitations may be placed on the transfer of stock. A close corporation can be advantageous for small businesses.

There is no limit, and it is not illegal to bring in or take out any amount of money or monetary instruments from or to the United States. Examples of monetary instruments include U.S. or foreign coin in current circulation, travelers checks, currency, money orders and negotiable instruments or investment securities in bearer form. However, if you take out or bring in more than $10,000 you must file IRS Form 4790, the Report of International Transportation of Currency or Monetary Instruments with US Customs. Failure to comply can result in criminal, civil forfeiture penalties.

W-2 forms should be furnished to your employees by January 31. It is your responsibility as an employer to file Forms W-2 with the Social Security Administration (SSA) for your employees which will show the wages paid and taxes withheld for the year. You must send Copy A to the SSA with Form W-3 by February 28. Form W-3 is a summary form that shows the total of all W-2's being sent. Go to the IRS website or get Publication 15, Circular E, Employer's Tax Guide or Forms and publications can be requested by calling 1-800-829-3676.

Any campaign costs incurred for running for any union office are not deductible.

Voluntary payments to a union strike fund are not deductible.

Dues paid the chamber of commerce are deductible if it is conducted to advance the business interests of its membership. It is deductible as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.

Dues paid a community booster club conducted for the purpose to attract tourists and settlers to the locality where the members do business are deductible as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.

The dues you pay the stock exchange as a securities dealer are deductible as a miscellaneous itemized deduction on IRS Schedule A subject to the 2% limitation.