Would there be a bona fide business purpose risk for owning an accounting firm interest through an S-Corp? The benefit of the SE tax savings obviously can't be a legitimate purpose. Has anyone had any experience with the IRS on this? I am envisioning a professional having their S-Corp be the partner in an accounting LLP. The K-1 from the LLP would be the only source of income for the S-Corp. Would the IRS frown on that? Is extra liability protection afforded by the Corporation enough to satisfy the bonafide business purpose test?