LLCs and S corporations are contrasting components of business operations, however they are not mutually unique. Nevada Small Business Consulting can assist you in establishing your S Corp or Limited Liability Company (LLC) and help you to decide which business entity is most beneficial for your venture. We have included some information below that will allow you to understand more about the difference between an LLC vs. an S corporation. You can contact us today at (702) 587-5652 to schedule a quick no-cost initial 15 minute consultation!
One of the main differences is that an S corp. is a tax classification, while an LLC is a business entity. This translates to an LLC can obtain S corp. status if it meets specific criteria. However, LLCs and S corporations require different management and shareholder structures and possess custom reporting requirements.
LLCs can have an unlimited amount of members, while S corps can have no more than 100 shareholders, otherwise referred to as owners. Non-U.S. citizens are allowed to be members of LLCs; S corps may not have non-U.S. residents as shareholders. S corporations cannot be owned by corporations, LLCs, partnerships or many trusts.
Both LLCs and S corporations offer personal liability protection that shields your personal assets. When establishing a business, it’s imperative to plan ahead and envision what level of future growth you would like to achieve. Your business goals could determine which business entity and tax classifications are right for you.
Nevada Small Business Consulting can help you determine how to structure your non-profit organization to maximize your\ benefits. You can click the following link to view our 5-star Google Reviews. Contact us today at (702) 587-5652 to schedule a consultation!