I know both can be elected as an S-corp. Liability aside, what's the difference then? Which is best for tax consideration assuming I am successful with S election? Thanks.
As you probably know you can't shield yourself from liability as a professional. Therefore other considerations come into play such as will you locate in NYC and be subject to the GCT if you incorporate then you are liable for unemployment insurance tax besides. There are several considerations to discuss
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If you are a doctor setting up a practice you will be well served to consult with a lawyer who regularly does that type of work for doctors. Speak with a CPA too. Don't be penny wise and pound foolish and make decisions based on information you get on-line from lawyers who have not fully discussed your situation.
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We have set up entities for a number of healthcare providers in NYC and deciding on the appropriate entity type depends on a number of factors.
I suggest you consult a lawyer in private and discuss your situation in more detail. Most of us here, including myself, offer a free phone consult so you may want to take advantage of that.
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The only benefit that the P.C. Offers is to manage the amount of FICA to pay on your earnings. So if your are a doctor making 700k then you can "try" to take a salary of but $100k and then take the rest out as dividends and thereby avoid the FICA hit.
My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained.