Discuss the Main Advantages of an LLC Over an S-Corp

question 57

Essay

Discuss the main advantages of an LLC over an S-Corp. 

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Definitions:

Goodwill

An intangible asset that represents the value of a business' brand, customer relationships, and favorable reputation over and above its tangible assets and liabilities.

Bankruptcy Case

A legal proceeding involving a person or business that is unable to repay outstanding debts. The process begins with a petition filed by the debtor or on behalf of creditors.

Chapters 7,11,13

Sections of the United States Bankruptcy Code that outline different procedures for the liquidation or reorganization of indebted entities or individuals.

Debtor

An individual, company, or institutional entity that owes money to another entity.