Me and my wife want to start an internet traiding company. What are the benefits of LLC vs C/S-corp etc?
LLC is a flexible entity that can elect to be treated either as (in your case) partnership, S-Corporation or C-Corporation. Corporations have the choice to elect to be treated as S-Corporation or C-Corporation. By default LLC is treated as partnership/disregarded entity, and corporation is treated as C-Corporation.
Entities treated as S-Corporations, partnerships or disregarded entities are pass-through, meaning that company income is not taxed on the company level, and instead is passed through to the owners’ personal tax return, but with some specific differences.
Other than taxation, Corporation differs from LLC in that it has to keep up with all the formalities, such as maintaining corporate structure, mandatory meetings of shareholders and board of directors, drafting the company bylaws, etc., while an LLC is much more flexible and easier to maintain (please click here to see our chart comparison on some of the structure differences between C-Corp vs. S-Corp vs. LLC).
For more specific details on how those entities differ from one another, and which is better in your case it would be best to discuss your case with a CPA.
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