The LLC – or Limited Liability Company – is the newest form of business incorporation, and is often described as a combination of a corporation and a partnership.
An S corporation is a special type of corporation that draws its designation from Subsection S of the tax code. To start an S corporation, a small business owner starts a C corporation, then files a Form 2553.
A C corporation – often just called a generic corporation – is the oldest and one of the most common business entities. A C corporation is a completely separate tax and legal entity from its owners.