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South Carolina Tax Law Attorney

May 2017 Archives

LLC vs. S Corporation

In order to truly understand the difference between limited liability companies ("LLCs") and corporations taxed pursuant to Subchapter S of the Internal Revenue Code ("S Corporations" or "S Corps"), it is important to realize that businesses exist within two different realms. The first realm is the state law realm which governs the interactions between the owners, the board of directors, the managers, and the like. The second is the realm of federal and state taxation, which have their own sets of guidelines that focus not on what the business can do, but the tax consequences of what the business does. The two sections below describe the similarities and differences between S Corps and LLCs for state law purposes and tax purposes.

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