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What is the difference between a Partnership, an LLC, and an S Corp?

Our Professional Answer

When people go into business together, they often start out as a partnership. We typically do not recommend this. A partnership creates a liability for all of the partners. An LLC gives you the layer of protection, in that any losses stay within the LLC entity. An S corp can act like an LLC. It’s a well-known corporate entity and it allows you to take your taxable income or losses directly onto your personal taxes.