Should I have set up my one-person Event Planning company as an LLC instead of an S-Corp?

The choice of entity for a new business can involve a complex analysis of multiple factors, but here are a few thoughts to consider. As a one-person company, you might have been better served to have formed as a single member LLC. A single member LLC gives you similar creditor protection as a corporation, and probably superior. However, because by default a single member LLC is generally disregarded for federal income tax purposes you would in many cases have better tax treatment, or at least greater flexibility if you needed to change your business form later. For example, an LLC can elect at any time to be treated as either an S or a C corporation, usually on a tax free basis. Going the other direction is a taxable transaction. For example, if you converted your S corporation to an LLC that is a disregarded entity, that would be deemed to be a taxable liquidation of the corporation, and you would recognize gain or loss to the extent the corporation holds any assets.