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.
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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.