I believe MrYum is a former accountant and could say a fuck of a lot more than I can, but...
Quote:
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S corps and LLCs are similar in that they are both “pass-through” entities for tax purposes; the income of these companies are passed through to their owners and reported on the owners’ personal income tax returns, thereby eliminating the double taxation incurred by owners of a standard corporation, or C corporation.
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(ref:
http://www.powerhomebiz.com/vol136/structure.htm)
Do your research.