What are the differences between corporation and a LLC? Discuss the advantages and disadvantages of each.© BrainMass Inc. brainmass.com June 3, 2020, 10:12 pm ad1c9bdddf
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 ...
The problem outlines the variuos advantages and disadvantages associated with the corporate and LLC forms of business.