Hi

While the LLC and Corporation share the same corporate shield, their respective terminologies are parallel but completely different.  Consider the following:

Corporate                                LLC
Shareholder                            Member
Officer/Director                        Manager
Stock                                         Membership Interest
Dividend                                   Distribution
Articles of Incorporation        Articles of Organization
Bylaws                                      Operating Agreement

Each of these terms works within the company in basically the same way as its counterpart.  Taxation is even more of a parallel, since the LLC can choose to be taxed as a corporation, treated by the IRS in exactly the same way, with exactly the same forms and all.

There are a few reasons why you may wish to form an old-style corporation.  For one, a C corporation is required if you want to have venture capital investors give you money, and you can't list on the New York Stock Exchange unless you have one.  For most small business owners, the LLC is the better choice because it is usually simpler to manage and offers charging order protection in addition to the corporate shield.  For more information on the similarities and differences between an LLC and a Corporation, you can see my article at http://www.llcwizard.com/llc-vs-corporation or click on the picture at the top right of this email to see my new video explanation.

Lee Phillips

P.S. Thanks to a great response, the limited number of spaces we had for our October Boot Camp are gone.  We are all full, but you can register for our next Boot Camp in March 2015.  Start making plans now!