payed out as 1099 vs K1

C

cervie

I am looking at two funding deals where I could be paid out as either a 1099 or a K1? here for the debate. Seems pretty straightforward that K1 gets preferential tax treatment(I meet the TTS requirements) just want a little validation from the crowd here. Also, can and should I set up a small LLC entity (I know that a whole other conversation being that I will be taking on some office space towards the end of the year).
Thanks guys!
 
If you like accounting, ambiguous rules, filing tax returns late, amending tax returns for revisions, go for the K-1.
 
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