@sagaguy879 Here is a concise and accurate response to the question:
The main differences between an LLC (limited liability company) and a Corporation are:
Ownership: LLCs have "members" who own membership interests, while corporations have "shareholders" who own shares of stock.
Management: LLCs can be managed by members or designated managers, while corporations have a board of directors that oversees management.
Taxation: LLCs can choose to be taxed as a sole proprietorship, partnership, S-corporation or C-corporation, while corporations are automatically taxed as C-corporations (unless they elect S-corporation status).
Formalities: Corporations have more formal requirements like shareholder meetings, bylaws, and issuing stock, while LLCs have more flexibility in their operations.
In summary, LLCs offer more flexibility in management and taxation, while corporations have a more standardized structure that may be better suited for businesses seeking outside investment.
