New business owners often get confused when it comes to the differences between LLCs and S Corporations. In truth, the entities are similar in many ways. Both are designed to shield the individual owners from liabilities incurred by the entity. This means that in many circumstances, the owners of LLCs or S Corporations cannot be sued personally for the debts of the company. Additionally, both limited liability companies (LLCs) and S Corporations can enter into contracts, incur debts, and initiate lawsuits in their organizational capacity. Note that I’ve chosen to focus solely on S Corps in this article to keep…
