What is the difference between an LLC, corporation, and partnership?

An LLC, or Limited Liability Company, is a type of business structure that offers the limited liability protection of a corporation and the flexibility of a partnership. It provides personal asset protection from business debts and lawsuits. A corporation is a legal entity separate from its owners, offering limited liability protection to its shareholders. It can issue stock and has its own tax obligations. A partnership is formed when two or more individuals agree to share profits and losses in a business venture. Partnerships do not offer limited liability protection, meaning partners are personally responsible for business debts. Choosing between these entities depends on factors such as taxation, liability protection, management structure, and flexibility. It is advisable to seek professional advice before making a decision.