llc is what type of corporation
1 Limited liability company (LLC). 2  Another business type that is formed under state law and gives you personal liability protection is the LLC. 3  Tax-wise, an LLC is similar to an S corporation (or S corp), with business income and expenses reported on your personal tax return.o formalize your organization, first learn about and decide which business type is right for you: 1  C corporation. 2  S corporation. 3  Limited liability company (LLC).