Is 21 too young start your own business? Most new business owners and entrepreneurs don’t know the difference between an LLC and a corporation. What is the difference between an LLC (Limited Liability Company) and a corporation? They both protect their stockholders or members from liability. The main difference between an LLC and a Corporation is the way they are handled at tax time. The IRS allows LLCs to choose between being taxed as a corporation, or a partnership, or even a sole proprietorship. They are also the easiest entity to maintain because LLCs are not required to hold formal meetings or maintain a minute book as Corporations are. But forming your entity as a Corporation can give you significant tax savings. Knowing these things can help young, new businesses owners and businesses choose the right entity type.
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Freya Allen Shoffner, Esq.
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