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Difference between an S corporation and a LLC

Asked by: Marcia - 24 June, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 What's the difference between an LLC and an S corporation?
Answered by: Ray Albert - 28 June, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/194.jpg-630c771619e92bede7e6f696b56767b9 Marcia,

An LLC is an entity type like a partnership or a sole-proprietorship. An S-Corp is similar to the LLC as a pass-through entity, and has specific employment tax benefits. LLC's are more flexible, and may elect to be taxed as an S-Corp. In your specific case, it's always recommended to consult an accountant with your business plans.

You can research each entity's details through our learning center, which has an efficient detailed article titled 'Choosing Business Entity' that I believe you will find very helpful.

Additionally, you can also view a table of the major points between the different entities by clicking the article 'LLC vs. Corporation'.

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