What is the difference between an LLC and an S-Corporation? Any advantage of one over the other?

Question

What is the difference between an LLC and an S-Corporation? Any advantage of one over the other?

Answer 1

An LLC is a Limited Liability Corporation.  It's investors are protected from legal lawsuits if the company loses money and they are single taxed.  that is to say the corporation pays the owners BEFORE it pays it's income tax. The owners in such a company can organize it like a corporation or like a partership.

An S corporation can have up to 75 individual investors and must be organized like a corporation-- with offices filled like CEO, CFO and a board.  it's single taxed.

a C corporation can have hundreds or thousands of investors or owners and must be organized like a corporation.  It

s however Double taxed, where the corporation pays income taxes on it's earnings, and then each investor pays AGAIN when they recieve their share.  Such is the game.    

here are 3 websites that i find usefull. the first 2 pretty much tell you what i just did the last one has a nice chart that makes it visual. check them out.