I have a start-up in the personal services industry which is currently registered as a Sole Proprietorship in New York, NY; and I am the only full time employee. After meeting with a S.C.O.R.E. counselor I learned that it would be wise to register as an LLC or an S Corporation to protect my personal assets against a potential lawsuit, double taxation, etc. I read a description of each but do not know which one is best suited for me and my business. Does it really matter which one I choose? Does one offer more benefits than the other?
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