Thank you for those insights on business forms. I would like to add that at times when a business is started the founders are not really sure how to structure it, so, they may just go with the default partnership or LLC, however our tax laws at the federal level do allow LLCs to make an election to be treated as a regular Corporation or an S-Corporation. Thanks for sharing.

Class, Why would business owners/founders prefer to establish the S-Corporation instead of the C-Corporation form of business?