Category Archive: S-Corporations

May 10

Forming a Business in Minnesota: Corporations

A corporation is a separate legal entity from its owners, owned by one or more shareholders. The corporation must be established in compliance with the statutory requirements of the state of incorporation. The shareholders elect a board of directors which has responsibility for management and control of the corporation. Because the corporation is a separate …

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Dec 14

Differences Between an S-Corporation and Limited Liability Company

There are three main differences between an S-Corporation “S-Corp.” and a Limited Liability Company “LLC”. These differences are (1) ownership restrictions, (2) the treatment of self-employment tax and (3) the distribution of profits and losses. The ownership restrictions for an S-Corp. are much more substantial than those of an LLC.  Pursuant to IRS code section …

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Permanent link to this article: http://battenbeasleylaw.com/differences-between-an-s-corporation-and-limited-liability-company