LLCMade up of “managers” and unlimited “members”Not personally responsible for business liabilitiesOngoing filing and fees
Board of Directors is not requiredFlexibility with taxation allows business owners to minimize taxesCannot go public
   Not recognized globally;  US based.
S-CorpMade up of “shareholders” (maximum 100)Not personally responsible for business liabilitiesOngoing filing and fees
Entitles owners to commons stock onlyTaxed onceBoard of Directors required
Allows savings on self-employment taxesShareholders pay on profits receivedStricter rules regarding board meetings and record keeping (more administrative tasks)
   Shareholders must be US citizens
PartnershipMade up of “partners”Less paperwork to form businessDecisions are formed and concluded with all partners.  No one partner can make a business decision
Ability to share responsibilities and financial obligations with a partner(s)Fewer tax forms – no business entity taxes.  Taxes pass through the business partnersPartners are responsible for filing individual tax returns and paying any additional taxes owed.
Cannot easily dissolve a partnership when a disagreement occurs.
   All partners are legally and financially responsible for the business.
CorporationNo life limit to a corporation.  It can pass down from generation to generation of investors.Shareholders have limited liabilityBoard of Directors required
Corporations can raise funds by selling shares and issuing bonds.  (Publicly held).Double taxation
Tax deductible expenses for owners on retirement plans and insurance.Complicated to form

Only the business owner can determine which type of business entity to choose for their business.  Each business is unique and has its own set of requirements.  It is always wise to seek counsel from an attorney before forming an entity.