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asimbana replied to the topic Types of Corporations in the forum Business 101 7 years, 12 months ago
It all depends on the given goal in mind or the business when it comes to LLP vs LLC, if you see a large future for your business and expand to other states then an LLC is a better option, a larger workforce you will need a liability safety net. In addition, with LLC you will not be bound to just the partnership deciding the fate of your company. When it comes to taxation, it is complex with it comes to an C-corp because your net income and shareholders are both taxed while in an S-corp all income is allocated to the shareholders. In my position, i would device on an LLC for protection and future security for future expansion and allow the company to survive with future owners based on director voting.