C Corporation:
Benefits:
1. No limits on number of shareholders
2. Business owners are removed from personal liability for debt incurred by the corporation
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Disadvantages:
1. Double taxed
2. It's costlier to start than a sole proprietorship or partnership
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S Corporation
Benefits:
1. Income tax saving
2. Payroll tax saving
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Disadvantages:
1. The number of owners is limited to 100 persons
2. More costly
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LLC
Benefits:
1. Limited personal liability for business debts
2. Choose between being taxed as partnership or corporation
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Disadvantages:
1. More expensive
2. Businesses that operate in more than one state may not receive consistent treatment.
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