Fitter Law Insight Subscription Business Guides Compare the types of Business Entities
Business Guides

Compare the types of Business Entities

T
A
X
A
T
I
O
N

LIMITED LIABILITY COMPANY
(LLC)
The IRS treats an individual LLC as a sole proprietorship and multi-member LLC as a general partnership, which means taxation passes through the entity to the individuals.


However, LLCs can elect to be treated as a corporation (either C-Corp or S-Corp)

CORPORATION (C-CORP)
Both Corporation and shareholders pay taxes, also known as double taxation.
CORPORATION (S-CORP)
Passes through the entity to the individuals, but the entity still needs to file a corporate tax return.
GENERAL PARTNERSHIP
Passes through the entity to the individuals
LIMITED PARTNERSHIP
Passes through the entity to the individuals
Previous slide
Next slide

L
I
A
B
I
L
I
T
Y

LIMITED LIABILITY COMPANY
(LLC)
The IRS treats an individual LLC as a sole proprietorship and multi-member LLC as a general partnership, which means taxation passes through the entity to the individuals.


However, LLCs can elect to be treated as a corporation (either C-Corp or S-Corp)

CORPORATION (C-CORP)
Both Corporation and shareholders pay taxes, also known as double taxation.
CORPORATION (S-CORP)
Passes through the entity to the individuals, but the entity still needs to file a corporate tax return.
GENERAL PARTNERSHIP
Passes through the entity to the individuals
LIMITED PARTNERSHIP
Passes through the entity to the individuals
Previous slide
Next slide

M
A
N
A
G
E
M
E
N
T

LIMITED LIABILITY COMPANY
(LLC)
The IRS treats an individual LLC as a sole proprietorship and multi-member LLC as a general partnership, which means taxation passes through the entity to the individuals.


However, LLCs can elect to be treated as a corporation (either C-Corp or S-Corp)

CORPORATION (C-CORP)
Both Corporation and shareholders pay taxes, also known as double taxation.
CORPORATION (S-CORP)
Passes through the entity to the individuals, but the entity still needs to file a corporate tax return.
GENERAL PARTNERSHIP
Passes through the entity to the individuals
LIMITED PARTNERSHIP
Passes through the entity to the individuals
Previous slide
Next slide

B
U
Y
/
S
E
L
L

LIMITED LIABILITY COMPANY
(LLC)
The IRS treats an individual LLC as a sole proprietorship and multi-member LLC as a general partnership, which means taxation passes through the entity to the individuals.


However, LLCs can elect to be treated as a corporation (either C-Corp or S-Corp)

CORPORATION (C-CORP)
Both Corporation and shareholders pay taxes, also known as double taxation.
CORPORATION (S-CORP)
Passes through the entity to the individuals, but the entity still needs to file a corporate tax return.
GENERAL PARTNERSHIP
Passes through the entity to the individuals
LIMITED PARTNERSHIP
Passes through the entity to the individuals
Previous slide
Next slide

L
I
F
E

LIMITED LIABILITY COMPANY
(LLC)
The IRS treats an individual LLC as a sole proprietorship and multi-member LLC as a general partnership, which means taxation passes through the entity to the individuals.


However, LLCs can elect to be treated as a corporation (either C-Corp or S-Corp)

CORPORATION (C-CORP)
Both Corporation and shareholders pay taxes, also known as double taxation.
CORPORATION (S-CORP)
Passes through the entity to the individuals, but the entity still needs to file a corporate tax return.
GENERAL PARTNERSHIP
Passes through the entity to the individuals
LIMITED PARTNERSHIP
Passes through the entity to the individuals
Previous slide
Next slide

 

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