An LLC May be treated by election as a disregarded entity (p&l flows directly to your own person just like a sole proprietor), sub c (if you’re anticipating going public), sub s (if you’re not), sub k (good for capital intensive stuff where you can get loans that are no recourse to the partners) or other sections of the code (think 501(c)).

LLCs are extraordinarily flexible from a taxation point of view, but without shareholders or a board of directors and lacking articles of incorporation, they are distinct from corporations.