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Both are typically pass-through tax entities, and while S corps must file a business tax return, LLCs only file business tax returns if the LLC has more than one owner. With pass-through taxation, no income taxes are paid at the business level. Business profit or loss is passed-through to owners' personal tax returns.

Filing Assistance. There are a large number of online services that will assist you with the LLC setup process. Fees for these services vary, starting at around $50 plus the filing fee, depending on the level of service that you require. Extras such as rush processing will cost more.

Like corporations, LLCs provide their members protection from liability. This means that members are not personally liable for debts and often court judgments incurred by the LLC. Creditors are foreclosed from seeking the personal assets of the LLCs members.

Protected assets. LLCs provide limited liability protection to their owners (members), who are typically not personally responsible for the business debts and liabilities of the LLC. Creditors cannot pursue the personal assets (house, savings accounts, etc.) of the owners to pay business debts.

1Obtain Any Necessary Business Licenses and Permits.2Get a Seller's Permit.3Get an Employer Identification Number (EIN).4Apply for S Corporation S Treatment (If Applicable).5Open a Business Bank Account.6Apply for a Business Credit Card.7Insure Your Business.

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