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Guardianship Lawyer Brooklyn
Estate Planning

Guardianship Lawyer Brooklyn

It is sad but really, not everybody can be so physically and mentally active when they age. A huge percentage of adults become mentally incapacitated

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Immigration lawyer NYC yelp
immigration

Immigration lawyer NYC yelp

Yelp Lawyers From Us Yelp is an employer that lets customers to evaluation restaurants, bars, stores, and different businesses. In the company’s early days, it

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The Risks of a Handwritten Will
Estate Planning

The Risks of a Handwritten Will

A Hand Written Will A handwritten Will can be defined as simply writing it and signing it in the end. People or most recommend this

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Starting a business is a lot of work. And choosing your business entity can be even more daunting. Hopefully this article, as well as a business lawyer can help advise you on your options and which entity is right for you.

Corporation vs. LLC

There are many important differences between a c-corporation, s-corporation and LLC. Today, we will be looking at the more broad contrasts between an LLC and corporation. Next, we’ll explore the differences of a c-corporation and an s-corporation. Finally, we’ll compare an s-corporation and an LLC.

First off, there are tax differences. An LLC is a pass-through tax entity, meaning the entity’s income is not taxed but still must complete a tax return. A corporation, however, is a separately taxable entity. This means corporations pay tax on their earnings.

Next, LLC’s have a less strict structure than corporations, offering more flexibility to a unique business or startup.  An LLC can be structured in an endless amount of ways while a corporation has more limitation. Lastly, difference is that corporations require directors and officers.  An LLC can run less formally and be managed by the members.

S-CORPORATION VS. C-CORPORATION

The big difference between an S corporation and a C Corporation have to do with taxes. All corporations start as a “C” corporations. They are required to pay income tax on any income made by the corporation. In order to become an S corporation, the company simply needs to file federal form 2553 with the IRS. Furthermore, an S corporation’s net income or loss is included in their personal tax returns.

S-CORPORATION VS. LLC

Even though the S corporation has more flexible special tax status, an LLC has more flexibility allocating income to its owners. An LLC may have different classes of membership while an ‘S’ corporation only has one class of stock. Ownership in an S corporation is limited to 100 shareholders while LLC’s have no limit on the number of supporters. S corporations cannot be owned by C corporations, other S corporations, many trusts, LLCs, partnerships, or nonresident aliens. LLC’s can have owners without restriction.

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