"Business Structure Decision" Please respond to the following:

• Bob, who is a close friend, has decided to start his own consulting firm. He has received conflicting information regarding the best business structure to create that provides the best opportunity to reduce his tax liability. He will be the only employee; however, he is willing to consider creating a S-Corporation. Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.