What Is The Difference Between An LLC And an S-Corporation?
S corporations and limited liability companies both permit pass-through taxation, but a limited liability company is more flexible in allocating income amongst the members. Also, an LLC may offer several classes of interest while an S-corporation may only have one class of stock. • What Are The Requirements For Naming Your Limited Liability Company? The name you select must not be the same as or deceptively similar to an existing company in your state. For this reason, it is advisable to conduct a search of the public records to determine if the name you wish to use is available. Also, the name you choose must show your business has limited liability. New Jersey requires that the LLC be followed by “Limited Liability Company” or by the abbreviation, “LLC”. • Is There A Minimum Number Of People Needed To Form An LLC? Both the IRS and New Jersey Law allow one member LLC’s to qualify for pass-through tax treatment THE PURPOSE OF THE ABOVE IS TO PROVIDE GENERAL INFORMATION. IT DOES NOT CON
