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LLC vs. Corporation. TJ Porter. April 30, 2024 at 1:37 PM. Key takeaways. ... While LLCs offer protection of your personal assets, it’s possible to lose that protection. If you don’t properly ...
The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. [5]
LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1]
Setting up a business as a limited liability company (LLC) can protect the business owner's personal assets from being claimed by business creditors. An LLC creates a shield between business ...
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