In my previous post I advised small businesses about the upcoming March 15 deadline for S Corp election. I wanted to follow up with a more detailed look at the two most popular business entities for small businesses: the S Corporation and LLC (Limited Liability Company).
These two entities share several key similarities. Perhaps most importantly, both will protect your personal assets from any potential liabilities of the company (whether from an unhappy customer, unpaid supplier, or anyone else who might pursue legal action). With both the S Corporation and LLC, your personal finances, home vehicles and other assets are all safe. In addition, both structures allow a business to borrow money and sell equity in order to raise capital. Both stay in existence until they are dissolved, without need for periodic renewal. And both offer pass-through tax treatment when it comes to federal income tax.
To read the full, original article click on this link: The S Corp Versus the LLC
Author: Nellie Akalp
