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If your partnership or sole proprietorship business is sued or can't pay its bills, your personal assets can be on the hook. That is why both the Limited Liability Company (LLC) and C corporation, or just corporation, are popular business structures, as they minimize the owner's personal liability. Yet, they have vastly different approaches to taxation.
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The 5 Biggest Tax Differences Between an LLC and Corporation
Oh, don't forget this point right here,
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While these pointers can be a great starting point, you should consult a tax advisor if you have any questions about how these differences apply to your particular situation.
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Joe Mobley
