LLC vs. S-Corp: What’s the difference?


1 min read
07 Sep
07Sep

What’s the difference between a LLC and anS-Corp? One of the most asked questions we hear.  So let’s dive in. 

LLC, S-Corp, C-Corp are all examples of how your company could be structured / the entity you register your company under with the IRS.  

Details include the following:

  • Type of Ownership•Eligible Owners
  • Management Overview
  • Locations of Ownership
  • Liabilityof Owner
  • Duration 
  • Transfer of Ownership
  • Tax Rate
  • Pass-Through of Losses
  • Fiscal Year•
  • Liabilities and Basis
  • Fringe Benefits
  • Tax Upon Sale

Here are a couple of differences of an LLC vs. S-Corp.

 

We highly encourage you to sit down with a professional to discuss what entity is best for your business or if you believe you are in a position to change your filing status.  Like mentioned, taxes, owner structure, timeline/duration are all important key factors when deciding on what is the best design for your business.  

Are you interested in learning more about ShoreSource Business Solutions, LLC?  Feel free to reach us at 843.729.2961 or info@shoresourcebiz.com.