A Video FAQ with Mark A. Williams.
A corporation cannot be used if you want to be taxed like a partnership. An LLC, or limited liability company, can elect any kind of tax treatment. So if you want the ultimate flexibility in how you are going to be taxed, the limited liability company is definitely the way to go. Also, a limited liability company gives you greater flexibility in determining the rights of the various types of owners.
Now a corporation, on the other hand, has been around for a very long time so there is a good established set of law and rules that apply to corporations. So for some people, the comfort of knowing exactly what they are getting into outweighs the flexibility that the limited liability company might provide.
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