The owners of a corporation are called shareholders. Both provide their owners with the same type of liability protection: owners are generally not personally responsible for business obligations of either LLCs or corporations. LLCs and corporations are both business entities that are created by filing formation documents with the state. “ LLC” stands for “limited liability company.” It is similar to a corporation, but offers more flexibility in management and taxation and generally has fewer recordkeeping requirements.Ĭorporations have been around for a long time, and they offer a predictable structure, perpetual life and easy transferability of shares-important features if you plan to seek outside investors. Here are some tips and guidelines to help you choose.
Once you understand your options and their implications, the right path for you will become clear.
Selecting a business entity for your new business is often a very simple decision.
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