An LLC is essentially identical to a suChapter S corporation.

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Quizplus · Accepted Answer

An LLC, or limited liability company, is a separate legal entity from its owners and provides liability protection like a corporation, but its taxation and structure are different from an S corporation. S corporations have a specific tax designation with the IRS and are limited to 100 shareholders, while an LLC is taxed similarly to a partnership or sole proprietorship and has no limit on the number of owners.

An LLC Is Essentially Identical to a SuChapter S Corporation