Travis: What are some of the advantages and disadvantages of and LLC? In particular versus say an S Corp.
Jake: The LLC is relatively new. When I say relatively new, it's been around for 30 years. Whereas a corporation has been around for hundreds of years.
The LLC is very flexible. It can be taxed as a pass–through entity, it can be taxed as a partnership, it can even be taxes as an S corporation or even as a corporation. So, an LLC offers a lot of flexibility. Plus, it also does not have the meeting requirements that a corporation has. So, in that way, it's definitely a lot more flexible than let's say an S Corporation.
It also doesn't have some of the limitations that an S Corporation has. An S Corporation has several limitations on it in terms of where income can come from, who can own it, and what type of stock you can have. Those limitations don't exist with an LLC.