At first I gave this book four stars because I found it easy to read and understand, but after reading it I did my research on setting up an S corporation in New York City, then I realized a big error in the very first chapter of the book: it says S corporations are not subject to New York State franchise tax, but this is totally untrue. S corps as well as LLCs are subject to the annual franchise tax of $325 or more. Plus, the book says nothing about after your corporation becomes a federal S corporation, you must also elect New York State S corporation status in order to get tax benefits at the state level.

Anyway, the book covers a lot of topics but only very superficially and with other inaccuracies. Also very little information on county-specific issues.

I do not recommend this book, for it will mislead you rather than educate you.

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