What Is The Difference between a LLC and a S-Corp?

Hi I am Camari Ellis. Many call me the Finance Rebel. Every Wednesday I host The Wealth Wednesday Segment of the Finance Rebel Show, where I answer money questions live. Questions about Taxes, Stock, personal finance and business are all fair game.

Today’s question is, What Is The Difference between a LLC and a S-Corp?

The question is very popular these days, because a lot of people are looking to maximize their income and start a side hustle.

Many people have to realize that an LLC or S Corp is primarily for liability protection. Keeping your assets like a home, business or other assets that owned by the business owner separate from business, helps to keep your personal assets save from law suits and really greedy people.

Often times LLC are touted to be tax savings vehicles, but that isn’t actually true. Anyone can start a business as a sole proprietor, but then you lose the asset protection ability of a LLC and/or S-Corps.

Take a look at the video and let me know if you were helped with understanding the business structures even better.

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