The LLC is taxed as a partnership. This means profits are taxed as part of your personal income tax return. The LLC exists separate from its owners. If a member dies or sells his or her interest, the LLC can continue to exist. Also, you normally need to hire an attorney to help you, and this costs money.
Some states require that there be more than one owner.
Corporation A corporation is perhaps the most common business form used. If you know you are going public or plan on bringing in institutional investors, a C corporation is the best choice. In most other circumstances, an S corporation is a better choice than a C corporation. Pros Shareholders of a corporation have limited liability. The corporation exists separate from the owners.