As a futures trader living in NYC, does anyone know of any disadvantages incorporating as a S corp versus LLC/partnership? I understand there is something about NY treating S corp as a C corp. Though I had to register as S corp status with NY through form CT-6. Why the registration if S is treated as C? Part of the reason for doing a S corp is because it leaves me the option of doing side work as a computer consultant. Most financial firms prefer corporation rather than LLC.