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Differences between C Corp, S Corp, and LLC
September 21, 2021
LLC vs C Corp
LLC and C Corp both offer same liability protection. Key differences:
C Corp
- Double taxation
- Document intensive
- Bylaws, Minutes, Stocks, Stock Ledger, Shareholder Agreement
LLC
- Pass through taxation
- No documents if single owner, Operating Agreement if 2 or more owners/members
S Corp (means Small Corporation)
- Tax election
- Can be an LLC / S Corp or a C Corp / S Corp
Requirements:
- Domestic
- Allowable shareholders
- Individuals, certain trusts
- May not be partnerships, corps, or non-resident aliens
- Have no more than 100 shareholders
- One class of stock
- Must file within 2 months and 15 days from date of formation for election to take effect the first tax year
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