"If he is your income, you are doing pretty fucking well.Your friend is incorporated as an S corporation for one simple reason...tax benefits.http://www.msnbc.msn.com/id/39317328/ns/politics /Rather than paying corporate taxes, the firms operate as S Corporations, sole proprietorships or partnerships, including limited liability companies that put LLC instead of Inc. at the end of their names.Fid" . . . .