what is the difference between a limited liability company and a corporation 
both a limited liability company llc and a corporation are structures that offer similar legal advantages to their owners for example owners cannot be held liable for the debts of either a corporation or for the most part an llc an llc is a pass through entity that is its profits and the responsibility to pay taxes on the profits are passed to the owners rather than being paid by the llc establishing an llc is a relatively straightforward process by comparison a corporation must elect a board of directors conduct annual meetings and adopt bylaws the bottom linea corporation may be formed by an individual or group with a shared goal and can be a for profit or not for profit entity corporations possess many of the same legal rights and responsibilities as individuals the limited liability nature of a corporation means that its shareholders are not personally responsible for the company s debts 