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Hi. Great Question.
C-Corp would be a lot of paperwork and the protection would be the same as an S-Corp or an LLC.
An LLC is a limited liability company and does provide the liability protection - it is not a corporation, though. You can still fill out your partnership return.
S-Corp has the same limited liability, but each of you is considered a shareholder, vs. a member in an llc.
Here is some pros/cons:
S Corp Pros:
S Corp Cons:
Let me know if you have any questions. Thank you.
It would go directly to the 1065 return, included on a K-1.