Filing for S-Corp after EAD

1> Can I start an S-corp : probably not as you don't have the GC yet. Different CPAs are giving out different opinions. So its safe to stick with C corp till you get your GC. Only difference between C and S for tax purpose. If its not a huge money maker, do not sweat it. By the way you can retroactively change a C corp to S corp and file past years taxes once you get your GC.
2> Can I take profits from the S-corp? Of course.
3> Can I work for this firm? Of course. But make sure your current employer is okay with this idea. Most employers have a non compete agreement as part of the employment contract.
 
ajiabs said:
1> By the way you can retroactively change a C corp to S corp and file past years taxes once you get your GC.

Thanks Ajiabs for your answer, Just have a couple of questions if that's ok with you to answer it

1> So later on after I convert the c-corp to an s-corp when I file taxes retroactively, can I claim back the double taxes that I already paid as a c-corp?

2>How difficult is it to convert from a c-corp to an s-corp? How much money is involved?

3> I'm thinking of incorporating through one of the sites I found online (corporate.com). Is this a good idea or should I use a lawyer? Should I wait till 2007 to incorporate - I mean any tax advantages - I expect income coming in only next year

4>Although I'm going to go your route of c-corp first and then s-corp. I was reading the IRS manual page 4 as mentioned by some of the posters here http://www.irs.gov/pub/irs-pdf/p519.pdf - According to this I qualify as a US resident for tax purposes based on the substantial presence test - Any thoughts on that?

Thanks again a bunch in advance for your help, I mean it!
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