[berettafan]

Then find a local Cpa you're comfortable with and talk it out. your focus in discussing this should be what he/she believes reasonable compensation would be for you at a given profit. they can easily show you the math once that is worked out.

Part of what JW is talking about in waiting is there is expense, paperwork and yearly, qtly filing required that doesn't end until you close the corp. I used to have people jump right into an S corp when they started a business and projected better than $50k or so profit but now I've learned to hold off until the business proves viable. nobody feels like dealing with final corp returns if the business doesn't make it. and the penalty for late/unfiled S corps and partnership returns is very, very stiff.