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Choosing the best business structure is imperative to the success of your business. An LLC or limited liability company, which is a legal entity category that can be utilized when establishing a business.  Its main benefit is that it provides protection to the owner(s) from personal liability for debts or any other responsibly hat a business may sustain. To put it another way, the personal assets of the business owner can not be utilized for legal claims against the business.

LLC vs. S Corporation: What’s the Difference? | Las Vegas, NV

LLCs are are a popular choice for business owners because they offer the liability that’s comparable to a corporation, however an LLC is more convenient to create and with less regulatory requirements than other types of corporations. LLCs provide personal liability protection, which prevents creditors from perusing the owner’s personal assets.

An LLC has another feature called pass-through taxation, which conveys that business earnings or losses are documented and taxed on the business owners personal tax return. LLCs are advantageous for sole proprietorships and partnerships. An LLC with numerous owners would be taxed together as a partnership, this would allow each owner to report profit and losses on their own individual tax returns.

What Is An S-Corp? Choosing The Best Business Structure

While a corporation is a type of business entity, an S-corp is a tax designation available to certain corporations and LLCs. S-corps are named from the subchapter of the Internal Revenue Code (subchapter “S”) under which the tax designation is defined. The most characterizing component  of an S-corp is its so-called “pass-through” tax structure.

Based in Las Vegas, NV, Nevada Small Business Consulting offers assistance in setting up your LLC or S-Corp and will help you customize the documents required to establish your chosen business entity. You can click the following link to view our 5-star Google Reviews.   You can contact us today at  (702) 587-5652 to schedule a no-cost consultation.