Just don't see the S-Corp or another LLC having a place here..I've heard tax advisors say it takes around $70k min of self employment income for the break even point for S-Corp to make sense.

They lower taxable income for federal taxes but not for FICA.However, employer contributions made by the S-Corp are not subject to FICA and count as a business expense.Make sure your W-2 correctly reports wages, deferrals, and FICA wages.

I want to make sure I do this correctly from a tax standpoint since all I'm making is a flat fee.

Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.

I'm a small business owner and my partner has a corporate job. 

It works just fine if the operator knows what theyre doing and structures it correctly.

But I don't believe this is fully correct. 

Large corporations are moving to the area which is very promising long-term for REI.

Also, an LLC only offers you protection if you use it correctly!

In a busier place, you might just be told to find a GC to "un-cluster' what you did.For me, when this happened, I had to go and hire a certified plumber, and electrician, and framer to come in and certify that all the work my handyman did was correct - and to fix the issues that weren't correct.