Aside from extra paperwork and incorporation costs, what is the difference in filing for a single member LLC, electing to be taxed under Subchapter S, and single member corporation, electing to be taxed under Subchapter S?

Hi

There is no difference as far as taxation is concerned. Just from a business perspective, LLCs these days are very popular due to the simplicity and ease of formation. In addition, the number of compliances and annual state forms/fees are lower as compared to corporation.

Other than the above, if you still have additional questions - consulting an attorney may be the best option.

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** Based on our response to a question posted on quora.

 


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