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Both corporations and LLCs limit the liability of the owners/shareholders from the debts of the business and against lawsuits against the business. Corporations and LLCs are different in how they are taxed. Because corporations are separate entities, they are taxed at the corporate rate, while LLCs are taxed based on Adjusted Gross Income of the owners.
An LLC is formed by one or more business people, as owners. The owners, called "Members," file Articles of Organization and set out an Operating Agreement. An LLC is a pass-through type of business, because the profits and losses are passed on to the Members depending on their share of membership. A Corporation is a separate legal entity. It is formed by filing corporate organization forms in the state where the corporation is located, and by designating shareholders, each with a specific number of shares (% ownership). The corporation also creates a Board of Directors to oversee the corporate business. A corporation is a bit harder to form than an LLC. A corporation can be a c-corporation or s-corporation. C-corporations are the large ones you generally see (Microsoft, GE etc etc). An S-Coporation is very similar to an LLC with a few differences.
In an S corporation, only the salary paid to the employee-owner is subject to employment tax. The remaining income that is paid as a distribution is not subject to employment tax under IRS rules. In an S-corporation, there is no special allocation of profit and losses for shareholders. Corporate profits and losses must be split up proportionately to the percentage of shares owned by each shareholder. LLC's on the otherhand allow for flexibility as to how they split their profits and losses. So if you worked more than your partner, you can split up profits unevenly - unlike in a corporation wherein you have to split according to % ownership.
Regarding your DBA question...I don't think the child entity has to have a similar name as the parent entity.
Hope this helps.