I’d like to set up a business to trade cryptos.
Is there any advantage to LLC over S Corp?
Does it benefit more if the company is set up in a state that has no income tax (even if I dont live there)?
Thank you
I’d like to set up a business to trade cryptos.
Is there any advantage to LLC over S Corp?
Does it benefit more if the company is set up in a state that has no income tax (even if I dont live there)?
Thank you
What are you trying to achieve?
LLC and S Corps are pass-through entities. Their income is taxed at your personal income tax rates. There are no special tax benefits for trading inside an entity other than legal protection.
Thanks for that confirmation.
Im considering setting up an entity to trade cryptos in a state without state income tax to reduce taxes on crypto earnings
and to be able to trade currencies not allowed where I currently live (NY state).
I do plan to move out of state.