What is the difference between a corporation and an LLC?

Some of differences between a corporation and a Limited Liability Corporation (LLC) is with regard to their taxability and ownership. Corporations are considered as tax entities and are taxed on a business level. On the other hand, an LLC can choose as to the manner in which taxes can be imposed upon it: it can be taxed as a partnership, sole proprietor or as a corporation. Corporation owners are referred to as stockholders or shareholdes, while we refer to LLC owners as members. Finally, both the corporation and LLCs are legal entities which has a distinct and separate personality from their owners, hence, the owners will not be made personally liable for any obligations acquired by the company or LLC.