A regular Corporation is subject to federal and any applicable state Corporate Income Taxes. Therefore, profits are taxed first on the corporate level and then again at the individual level of the shareholders to whom the profits are distributed.This double taxation could result in a combined ...
An LLC taxed as a C corporation pays Illinois corporate taxes on its profits, and each member pays state and federal income taxes on any profits that are actually distributed to the member. Limitation of liability. The owners of an LLC (called members) are not personally liable for the ...