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At trademarkcounsels.com, your business entity is formed by experienced attorneys so you know you have the right entity for your business. Licensed attorneys will advise you on your best options and how an LLC, an S-Corporation, a C-Corporation, or a Non Profit can impact your liability and taxation as a business owner. You can also see a comparison table with differences below.

Limited Liability Company

The LLC or Limited Liability Company is the newest form of business incorporation, and is often described as a combination of a corporation and a partnership. Over 80% of small businesses are LLCs, and for many good reasons. With less requirements and more flexible ownership options than the other entities, LLCs provide business owners with limited liability protection. This means that the company assets are typically owned by the LLC and are separate from the personal assets from that of the LLC owner(s).

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Limited Liability Company
S-Corporation
C-Corporation
Nonprofit Corporation

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Compare and Contrast Different Business Entities

Not all entity types are created equal, understanding the fundamental differences between each and choosing the right one for your company can alleviate future issues. For individuals that are new to the incorporation process, the LLC can be the ideal choice as it provides limited liability to owners just as a corporation while being less complicated to operate. Additionally, a unique feature of the LLC is that it can achieve the same tax classification as an S or C Corporation while bypassing the formalities associated with them.

	LLC	CORP	S-CORP	NONPROFIT
PROTECTION
Limited Liability Protection
Limited Liability Company (LLC) LLCs provide personal asset protection, which shields you from being personally liable for business debts. Corporation C Corps provide personal asset protection, which shields you from being personally liable for business debts. S - Corporation S Corps provide personal asset protection, which shields you from being personally liable for business debts. Nonprofit Nonprofits provide personal asset protection, which shields you from being personally liable for business debts.
STATE FILING FEES
State Formation Fees
Limited Liability Company (LLC) LLCs are required to pay formation fees to the state. Fees will vary based on the state of incorporation. Corporation C Corps are required to pay formation fees to the state. Fees will vary based on the state of incorporation. S - Corporation S Corps are required to pay formation fees to the state. Fees will vary based on the state of incorporation. Nonprofit Nonprofits are required to pay formation fees to the state. Fees will vary based on the state of incorporation.
Ongoing Compliance Fees
Limited Liability Company (LLC) Depending on the state of incorporation, reports and fees may be required. Corporation An annual report and franchise fees are generally due each year along with other reports and fees, which varies depending on the state of incorporation. S - Corporation An annual report and franchise fees are generally due each year along with other reports and fees, which varies depending on the state of incorporation. Nonprofit For Nonprofits this varies from state to state.
MANAGING YOUR BUSINESS
Flexible Management Structure
Limited Liability Company (LLC) LLCs must be member or manager managed according to the terms of the operating agreement. Corporation C Corps are required to have shareholder elected directors who oversee and elect officers to run the day-to-day operations of the company. S - Corporation S Corps are required to have shareholder elected directors who oversee and elect officers to run the day-to-day operations of the company. Nonprofit Nonprofits are managed by their board of directors following the regulations set forth in their Bylaws.
Adding/Transferring Ownership
Limited Liability Company (LLC) Changes in ownership of an LLC are dependent on the terms of the operating agreement. Corporation Ownership changes in a C Corp are easily made through the sell of stock to new or existing shareholders. S - Corporation Ownership changes in an S Corp are easily made through the sell of stock to new or existing shareholders. Nonprofit Nonprofits have no owners.
Ongoing Requirements
Limited Liability Company (LLC) Depending on the state of incorporation, an LLC may be required to file an annual report and/or pay franchise fees. Corporation After formation, C Corps have many ongoing formalities such as writing bylaws, selecting directors, holding initial and annual shareholder meetings, and issuing stock. S - Corporation After formation, S Corps have many ongoing formalities such as writing bylaws, selecting directors, holding initial and annual shareholder meetings, and issuing stock. Nonprofit After formation, Nonprofits have many ongoing formalities such as writing bylaws, selecting directors, and seeking tax exempt status.
Ease of Raising Capital
Limited Liability Company (LLC) LLCs are not allowed to sell stock but may be able to raise capital via bank loans and various other avenues. Corporation C Corps may issue many types of stocks, which may be sold to an unlimited number of shareholders. S - Corporation S Corps may issue one type of stock, which may be sold to a maximum of 100 shareholders. Nonprofit Nonprofits may obtain bank loans, grants, venture capital, and tax-exempt donations. In some states, Nonprofits may sell stock.
TAX
Pass-through Taxation
Limited Liability Company (LLC) LLCs are not taxed at the corporate level. Instead, all profit and losses are reported with the personal income taxes of each member. Corporation The income of the C Corp is taxed at the corporate level and then again at the shareholder level. S - Corporation S Corps are not taxed at the corporate level. Instead, all profit and losses are reported with the personal income taxes of each shareholder (owner). Nonprofit The income of Nonprofits is taxed at the corporate level unless they apply for and are granted tax-exempt status.
Double Taxation
Limited Liability Company (LLC) LLCs are not taxed at the corporate level. Corporation The income of the C Corp is taxed at the corporate level and then again at the shareholder level. S - Corporation S Corps are not taxed at the corporate level. Nonprofit The income of Nonprofits is taxed at the corporate level unless they apply for and are granted tax-exempt status.
Tax Exempt
Limited Liability Company (LLC) LLCs are not eligible for tax-exempt status. Corporation C Corps are not eligible for tax-exempt status. S - Corporation S Corps are not eligible for tax-exempt status. Nonprofit The income of Nonprofits is taxed at the corporate level unless they apply for and are granted tax-exempt status.
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Choose the right type of entity for starting your new company!

Regardless of the industry or nature of business,Trademarkcounsels can help you form your new business.

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Limited Liability Company

Need legal advice on your business ?

Included in all packages.

Compare and Contrast Different Business Entities