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What are some of the advantages and disadvantages of an LLC?

In particular, against an S Corp?

In this audio snippet, you'll hear about:

• LLC's are a fairly new type of entity. Corporations have been around for hundreds of years.
• LLC's can be taxed in several ways.
• LLC's offer a lot of flexibility. This can be a good thing or a bad thing!
• LLC's do not have the meeting requirements of a corporation.
• LLC's do not have a lot of the limitations of an S Corp

Travis: What are some of the advantages and disadvantages of and LLC? In particular versus say an S Corp.

Jake: The LLC is relatively new. When I say relatively new, it's been around for 30 years. Whereas a corporation has been around for hundreds of years.

The LLC is very flexible. It can be taxed as a pass–through entity, it can be taxed as a partnership, it can even be taxes as an S corporation or even as a corporation. So, an LLC offers a lot of flexibility. Plus, it also does not have the meeting requirements that a corporation has. So, in that way, it's definitely a lot more flexible than let's say an S Corporation.

It also doesn't have some of the limitations that an S Corporation has. An S Corporation has several limitations on it in terms of where income can come from, who can own it, and what type of stock you can have. Those limitations don't exist with an LLC.

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