Legal Question in Business Law in Kansas

Differences

Could you please explain the differences between an LLC and a ''C'' corporation?? I am currently forming a new company, revoking my current ''S'' corp and need to form a new organization. Any insight would be appreciated.

Thanks


Asked on 7/25/03, 11:31 am

1 Answer from Attorneys
Todd Epp Abourezk & Epp Law Offices

Re: Differences

An LLC is sort of a hybrid between a corporation and a partnership. You can separate the ownership interest from the profit interest. For taxes, it operates like an S Corp--you pay on your indvidual income taxes.

A C Corp is its own tax paying entity. You would also pay taxes if the C Corp. pays you.

My advice is to talk to your accountant about what is the best entity for your business and tax concerns.

Best regards,

Todd D. Epp, Esq.

KS Bar # 12456

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Answered on 7/25/03, 11:39 am


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