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Corporation versus LLC

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What are the differences between corporation and a LLC? Discuss the advantages and disadvantages of each.

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Solution Summary

The problem outlines the variuos advantages and disadvantages associated with the corporate and LLC forms of business.

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A corporation is a more formal business arrangement whereby a firm is broken into a number of shares, and the shares are bought and owned by the owners (shareholders). The corporation is treated as a separate entity and can own property, enter into contractual agreements, and must pay taxes.

An LLC is, essentially, a partnership that has the limited liability benefit found in the corporate form of business. The LLC is not a separate entity.

Advantage of corporations include the ability to raise capital and the limited liability to owners. To raise ...

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