What is the difference between Limited Liability Companies (LLCs) and S Corporations?

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What is the difference between Limited Liability Companies (LLCs) and S Corporations?

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The main difference is that the LLC form is much less regulated than the S Corporation. For example, LLCs do not have the same meeting and record-keeping requirements as S Corporations, and there is no limit on how many members an LLC can have. The two forms are basically the same with regard to how they are taxed and the protection against personal liability that they afford.

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