Regarding taxes, your business should graduate to a more tax advantageous entity type, as your business earns more net income. As a general rule, we recommend that a switch occur around $50,000 net income. This income level is usually where Self Employment tax becomes too high.
Below is an illustration that shows the tax savings. The sole proprietor example applies the same way for:
+ LLC Single Member
+ LLC Multi Member
+ and ... Regular Partnerships
To learn more, please schedule a Business Consultation at our office. Prices for a full S Corp setup start at just $675, including filing fees. Find out if an S Corp is right for your business. If not, we'll make alternate recommendations, and you can get setup right at our office!