There are none that I know of. Corporations have been around much longer than LLCs so they have a more widely known acceptance especially to the public. As long as you form a s-corp you avoid the double taxation of a c-corp, since profits are passed through to the shareholder(s) and taxes are based on your personal tax rate. S-corps require more paperwork to keep current than a LLC.
I think the advantages of the s-corp come into play when you become more successful, it is much easier to raise money in a s-corp, you can sell shares. Ownership can be transfered easily and the corporation exists as an independent legal entity you it has continyous existence. Retirement funds, defined contribution plans and pensions are more easy to set up when you are a corporation.
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I'm a lawyer who forms both for a living. The short answer in Florida is that LLCs are like chicken soup--can't hurt. YMMV elsewhere, though.
There are none that I know of. Corporations have been around much longer than LLCs so they have a more widely known acceptance especially to the public. As long as you form a s-corp you avoid the double taxation of a c-corp, since profits are passed through to the shareholder(s) and taxes are based on your personal tax rate. S-corps require more paperwork to keep current than a LLC.
I think the advantages of the s-corp come into play when you become more successful, it is much easier to raise money in a s-corp, you can sell shares. Ownership can be transfered easily and the corporation exists as an independent legal entity you it has continyous existence. Retirement funds, defined contribution plans and pensions are more easy to set up when you are a corporation.
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What are the disadvantages of having S-corp, C-Copr or LLC, versas doing business as individual or under a registered fictitious name?
How much more paper works and knowledge needed to run as S-corp, C-Corp or LLC?
Thanks!
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