The primary distinction between an LLC and a corporation is ownership: LLCs have 'members' while corporations are owned by shareholders, indicating different governance structures.
LLCs, as pass-through entities, allow profits to be reported on personal tax returns, preventing the double taxation often faced by corporations.
A corporation is a legal entity separate from its owners, enabling it to hire, enter contracts, and secure loans, making it suitable for growth.
Choosing between an LLC and a corporation impacts how you will run and grow your business and also how you will manage tax obligations.
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