What type of entity should I choose for my small business in MA?

I am helping my father get a service business going. I am having trouble deciding on what type of business to start. I have likely ruled out proprietorship and partnership, due to the unlimited liability associated. I now seem to be looking at an S Corp, LLC, etc. I am told an S Corp will have more difficult filing requirements, and different requirements on how we can distribute income. Some flexibility in that department would be nice. I will probably have the business in my name, but would like a majority of the income to go to my father. Can anyone help me decide what my options may be, the pros and cons, and tax implications involved? THANKS!

2 months ago - 1 answers