An LLC is considered a distinct entity, which means that there is a financial barrier between the company and the owner. What Is an LLC?Īn LLC, or limited liability company, is a legal business structure that protects the owner’s personal assets from the company’s debts. Here are some factors to consider when making this decision and what’s involved in the process. When starting a business, it’s important to evaluate your options from both a legal and a tax perspective. Both LLCs and corporations can elect S-corp taxation by filing a form with the IRS. On 's Website LLC and S-corp: Basic DefinitionsĪn LLC is a legal business structure while S corporation is a tax classification that’s available to some small businesses.
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