Re: S corporation vs. C corporation
Depends what you do, etc as far as whether a S corp fits you. As said, you can avoid a lot of the employment taxes, not all though. You have to pay yourself a salary, but you can take profits through disbursements without paying the 15% (+/-) for payroll taxes. That can be very attractive.
You pay taxes through your personal in April, as it flows through. You file your s corp taxes by March 15 to get your K-1 and W-2 and then it's on to April.
Again, it depends on what you are going to do for a living in your new business.