An LLC is essentially identical to a subchapter S corporation.

Name: An LLC is essentially identical to a subchapter S corporation.
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While there are similarities between LLCs and subchapter S corporations, they are not identical. LLCs have more flexibility in terms of ownership and management structures, while subchapter S corporations have specific requirements such as limitations on the number of shareholders and types of stock that can be issued.

An LLC Is Essentially Identical to a Subchapter S Corporation