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What is the difference between...
What is the difference between an S Corp and LLC for a small business owner
Submitted: 8 years ago.Category: Criminal Law
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Answered in 3 hours by:
6/21/2010
Criminal Lawyer: LawHelpNow, Attorney/Lawyer replied 8 years ago
LawHelpNow
LawHelpNow, Attorney/Lawyer
Category: Criminal Law
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Hello and thanks so much for choosing this forum to pose your important legal question. I will do my best to give you some honest and accurate guidance as I answer your question.

 

  1. I am a licensed attorney with business law experience. I will be glad to try and answer your question. I hope that the following information will be helpful to you, but please just write back if you have any follow-up questions or need clarification on anything after reviewing the following information.
  2. "What is the difference between an S Corp and LLC for a small business owner" The first is a matter of federal law, meaning a business makes an election under Subchapter S of Chapter 1 of the Internal Revenue Code. Rather than the business and the individual(a) paying taxes as with a C Corporation, S Corporation status provides for single taxation whereby losses or earnings are passed along to the shareholder(s).
  3. The second is a mater of state law, meaning the business is registered with the Pennsylvania Department of State. The primary advantages of forming a Limited Liability Company are relaxed record keeping requirements, legal protections from liability, and flow-through taxation on a state level similar to that mentioned above on the federal level. Oftentimes, forming an LLC at the state level and then applying for federal S Corp. treatment makes good sense for a small business.
  4. I hope that makes sense, but please do not hesitate to write back if needed. I shall be signing off soon to attend to some other professional obligations. Please rest assured, however, that I will be sure to check for any updated posts from you when I return to this online forum.

 

I hope that this information has been helpful to you. If we can be of any further assistance please free to use our service again. Best wishes for a successful outcome.

 

If my answer has been helpful to you, please click "ACCEPT" so that I may be paid. This is the only way that I will receive compensation for the work performed. Please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done. Clicking "FEEDBACK" to leave your positive comments is always greatly appreciated.

 

The information provided is general in nature only and should not be construed as legal advice. By using this forum, you acknowledge that no attorney-client relationship has been created between you and Benjamin M. Burt, Jr., Esq. You should always consult with a lawyer in your state.

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