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Which one is better?
What are the advantages/disadvantages to forming a corporation? A limited liablity company? A partnership? A sole propietorship? Is one better than the other?
1 Answer
- 2 decades agoFavorite Answer
The corporate structure protects the individuals from legal issues (usually). An LLC is essentially a partnership that looks and functions like a corporation except that profits are flowed directly to the partners.
The disadvantages are additional paperwork, which costs as well as some additional tax returns that need to be filed.
If you are looking at a relatively small business, an LLC is usually the best structure because it's more flexible than an S Corporation.
