Is an LLC a partnership or S corporation?

A limited liability company (LLC) is not a partnership nor an S corporation because they are separate and distinct business entities. A limited liability company is a business entity that is a combination of either a sole proprietorship or partnership and a corporation. A partnership, on the other hand, is an agreement between two or more persons to contribute capital and engage in business. Finally, an S corporation is another business entity that has a separate personality from its members which protects the personal assets of the latter. All of them have different methods of establishments and requirements. Thus, all three are different business entities from one another.