I did my research some time ago. But situation changed. I need to set up a business. The business will incur loss for the first two or three years. So what is the prefered biz form, LLC or S/C corp? Any good web site talking about this?
Each one has their own benefits and drawbacks. I would go and talk to a lawyer and accountant and see which one fits your needs better. I would assume that they could give more detailed information regarding your state and local laws then what you would find here.
that fact that you would incur losses in the first 2 years eliminates the C-corp option. I would say set up as an LLC first, then once you start making substantial profits,have your LLC elect to be taxed as an S-corp by filling out form 2553 this could help you save on self employment taxes.