LLC Corporation Benefit Corporation Nonprofit
Liability Protection Limits Personal Liability Limits Personal Liability Limits Personal Liability Limits Personal Liability
Corporate Formality Relaxed Requirements. Still Need Operating Agreement Requirement for Annual Shareholder's Meeting; Resolutions; etc. Must Advertise Formation in PA. Requirement for Annual Shareholder's Meeting; Resolutions; etc. Must Advertise Formation in PA. Requirement for Meeting of Board of Directors. Must Advertise Formation in PA.
Double Taxation Profits are Only Taxed at Personal Level Profits are Taxed at Both Corporate and Personal Levels. Profits are Taxed at both Corporate and Personal levels Not Subject to Taxation
Pass Through Taxation Are a Pass Through Taxation Entity Can Be A Pass Through Taxation Entity if Elect Subchapter S Election Typically Taxed at Corporate Rate Not Subject to Taxation
Subchapter S Election Can file a Subchapter S Election Can File a Subchapter S Election Typically Taxed at Corporate Rate Not Subject to Taxation
Tax Exemption Must Pay Taxes on Profits Must Pay Taxes on Profits Must Pay Taxes on Profits Nonprofits are Exempt from Most State; Federal and Local Taxes.
Restricted Professional Can be Organized as a Restricted Professional Limited Liability Company Can be Organized as a Professional Corporation Cannot Be a Restricted Form of Entity Type Cannot Be a Restricted Form of Entity
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