What are the Advantages of a Corporation vs an LLC?

I’m often asked as a Hartford County, Connecticut Business Lawyer, what are the advantages of setting up a Connecticut corporation?

One of the advantages is the free transferability of the shares in the company. Another advantage is the limits on liability that shareholders have. Another issue that can be an advantage or a disadvantage is the potential dual-taxation of the company. This results from an election to be a C corporation as opposed to an S corporation. Some of the disadvantages of running and operating your business through a Connecticut corporation as opposed to an LLC is the requirement that there be annual meetings and quarterly director’s meetings of a Connecticut corporation. This results in additional costs for running a Connecticut corporation as opposed to an LLC.

This informational blog post was brought to you by Attorney Eric L. Foster, an experienced Hartford County, Connecticut Business Lawyer.