Could you please explain the differences between an LLC and a ''C'' corporation?? I am currently forming a new company, revoking my current ''S'' corp and need to form a new organization. Any insight would be appreciated.
1 Answer from Attorneys
An LLC is sort of a hybrid between a corporation and a partnership. You can separate the ownership interest from the profit interest. For taxes, it operates like an S Corp--you pay on your indvidual income taxes.
A C Corp is its own tax paying entity. You would also pay taxes if the C Corp. pays you.
My advice is to talk to your accountant about what is the best entity for your business and tax concerns.
Todd D. Epp, Esq.
KS Bar # 12456
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