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When starting a business, a business owner must first choose their entity type. Two of the most popular entity types are the limited liability company (LLC) and the corporation. Choosing between these two types of entities can be difficult for business owners who are not familiar with the unique features of each type. To choose the right one for your business, you should be aware of their similarities and differences.
Limited liability companies and corporations are types of legal business structures—ways to legally organize a business under state law. Both of these legal structures provide limited liability. Limited liability means that a person or entity’s legal, and therefore financial, liability is limited. Owners are protected more under limited liability structures because they are not personally liable for the business’s liabilities or debts, although there are some exceptions. The objective of choosing an entity that provides limited liability is to protect business owners’ personal assets from being reached in lawsuits against the business or by the business’s creditors. LLCs and corporations both also require documentation to be filed with the state government at the time of formation. A fee to register the business entity must accompany the filing.
Despite significant similarities, LLCs and corporations also have several distinguishing characteristics. The LLC is a newer entity structure and provides more flexibility than the corporation. However, LLCs often mimic corporations in their planning and legal documentation to some degree. Here are some of the key differences between these two entities:
Choosing between these two legal entities requires a great deal of consideration and depends upon your unique needs and goals. If you need assistance weighing the risks and benefits of each business type, please contact us today or schedule an appointment using our online scheduling. Our attorney is ready and available to provide the analysis you need to make the best decision for you and your business.
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Phone: 855-952-6659
607 16th Ave S
Jacksonville Beach, FL 32250
Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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