<human>:  What is the difference between an LLC and an S corp?
<bot>: The main difference between an LLC and an S corp is that an LLC is a type of business that is a pass-through entity, meaning that the business profits and losses are passed directly to the owners, while an S corp is a type of corporation that is taxed separately from its owners. Additionally, LLCs are typically simpler to set up and more flexible in terms of taxation and ownership, while S corps have stricter guidelines on ownership and have more complex filing requirements.