Is An LLC A Corporation?
Today’s post: Is An LLC A Corporation? Your LLC Guru explains.
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Now, back to the question, is an LLC a Corporation? Let’s start by saying the term LLC is short for Limited Liability Company.
Notice it is Company – NOT corporation. LLCs are not corporations. They provide similar protection but are usually much less complex and costly. This is a big advantage for your small business!
Before we go any deeper, I want to make it clear that we are in no way giving legal or tax advice here!
A Limited Liability Company, which is a U.S. business entity that provides certain liability protection to its owners, can be thought of as somewhat of a hybrid entity combining the simplicity of a sole proprietorship with the liability protection offered by a corporation.
An LLC is almost always the best choice for someone doing any type of business. If you are doing business and you have no protection in place you and your family are at extreme risk. In general, an LLC is the easiest and least expensive choice when it comes to protecting yourself in any type of business.
A Few Differences Between LLCs and Corporations
There are several major differences between LLCs and corporations. While the taxation process is one of the major differences between the two entities, there are also other factors to take into consideration. From set up to annual maintenance requirements to management, there are many things to note that are different between the two entities.
Both LLCs and corporations provide benefits to their owners and it is important to understand the differences so you can make the correct decision in setting up your business. We believe the vast majority of people will find an LLC to be the right choice.
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In my next post, we will unpack more details around LLCs. If you are considering an LLC, please check out some of our other posts on this site or watch our videos on YouTube to learn more helpful information about LLCs and how to use them to protect yourself in business.
This is your LLC Guru – thanks for reading:)