LLC vs S-Corp vs C-Corp: Choosing the Right Business Structure

LLC vs S-Corp vs C-Corp – If you’re deciding between an LLC, an S-Corporation (S-Corp), or a C-Corporation (C-Corp) – and you’re considering Florida for formation – this guide gives you a crisp, founder-friendly comparison of taxation, ownership, management, and compliance with clear next steps. (Soft guidance toward Florida LLC formation, EIN assistance, and Registered Agent is included where it helps – not as hard sells.)
Comparing LLC vs S-Corp vs C-Corp? Follow this step-by-step guide to pick smart, file cleanly, and avoid costly mistakes.
Structures at a glance
LLC (Limited Liability Company)
Flexible ownership and management, pass-through taxation by default. Single-member LLCs are “disregarded entities” for income tax unless you elect otherwise; multi-member LLCs default to partnership taxation. You can later elect S-Corp or C-Corp taxation via IRS forms if it becomes advantageous.
An LLC is a hybrid entity that provides personal limited liability protection (like a corporation) while allowing profits and losses to pass through to the owners’ personal tax returns (like a partnership or sole proprietorship). By default, a single-member LLC is disregarded as an entity for tax purposes (taxed as a sole proprietorship) and a multi-member LLC is taxed as a partnership. However, LLCs can opt to be taxed as an S-Corp or C-Corp if desired by filing the appropriate IRS forms. LLCs are very flexible in management and have fewer corporate formalities.
S-Corp
S-Corp (tax status, not a different legal entity) – A corporation (or LLC) that elects S status (IRS Form 2553) for pass-through treatment with restrictions (≤100 shareholders, one class of stock, generally U.S. individuals/residents). Must pay owner-employees a reasonable salary before taking distributions.
An S-Corp is actually a tax election, not a type of legal entity. Typically, one forms a corporation (or LLC) and then files IRS Form 2553 to elect S-Corporation status. An S-Corp is designed to avoid double taxation by passing corporate income, losses, deductions, and credits through to shareholders to be reported on their personal tax returns. In effect, an S-Corp is taxed similarly to an LLC / partnership (pass-through) but with the corporate structure in place. Importantly, S-Corps have strict requirements: they can have no more than 100 shareholders, only U.S. citizens or residents as owners, and only one class of stock. S-Corps still provide limited liability and require a corporate setup (board of directors, bylaws, annual meetings, etc., since they are corporations by form).
C-Corp
C-Corp (classic corporation) – Separate taxpayer; pays federal corporate tax (flat 21%), and shareholders pay tax on dividends (double taxation). No limits on number/type of owners; multiple stock classes; VC-friendly.
A C-Corp is a traditional corporation (named for Subchapter C of the IRS code). It is a separate legal entity owned by shareholders. C-Corps face double taxation: the corporation pays corporate income tax on its profits, and then shareholders pay personal tax on any dividends received. The current federal corporate tax rate is 21%. C-Corps have no restrictions on ownership (they can have unlimited shareholders, multiple classes of stock, and foreign or institutional owners). This structure is preferred for companies that seek venture capital or plan to go public, due to its familiarity and the ease of transferring shares.
Taxation (what actually hits your wallet)
One of the biggest differentiators among LLCs, S-Corps, and C-Corps is taxation. Here’s how they compare:
LLC (default)
- Profits pass through to owners (Schedule C or K-1), typically subject to income tax (and self-employment taxes for active owners).
- You can change classification later (e.g., elect S-Corp to optimize payroll vs. distributions).
LLC Taxation: By default, an LLC is not a separate taxable entity in the eyes of the IRS. The income “passes through” to the owners. A single-member LLC’s profits are reported on the owner’s personal tax return (Schedule C), and a multi-member LLC files a partnership return (Form 1065) and issues K-1s to members for their share of income. The members then pay income tax (and self-employment tax, where applicable) on their personal returns. LLCs have the flexibility to elect to be taxed as an S-Corp or C-Corp if there are potential tax advantages in doing so. For example, a profitable single-member LLC might choose S-Corp taxation to potentially save on self-employment taxes by paying the owner a salary and taking the remainder as distributions. If no election is made, all of an LLC’s earnings are generally subject to self-employment taxes for the owners (Social Security/Medicare), in addition to income tax. At the state level, LLC income is usually treated as personal income of the owners. In Florida, this is particularly beneficial because Florida has no state personal income tax, meaning LLC owners do not pay state tax on the pass-through income.
S-Corp
- Pass-through like an LLC, but distributions (after a reasonable salary) generally aren’t subject to self-employment tax – often saving money at higher profit levels.
- Requires payroll, Form 1120-S, and K-1s.
S-Corp Taxation: An S-Corporation is a pass-through entity for federal taxes, similar to an LLC in that it generally pays no federal income tax at the corporate level. Instead, profits and losses flow through to shareholders’ personal returns proportionate to their ownership. Shareholders pay income tax on that income (and if they also work in the business, they must be paid a reasonable wage subject to employment taxes). The key tax advantage of an S-Corp over a standard LLC is that distributions of profit (after paying oneself a “reasonable salary”) are not subject to self-employment tax – they are only subject to income tax. This can result in tax savings for businesses with substantial net income, as long as the owner actively works in the business and can justify splitting compensation into salary + distributions. However, S-Corp status comes with complexity: the company must file an S-Corp tax return (Form 1120S) and provide K-1s to shareholders, maintain payroll for any employees/shareholders getting a salary, and adhere to the shareholder restrictions (max 100, no foreigners, etc. At the state level, many states honor the S-Corp status and do not tax S-Corp profits. Florida, for instance, follows the federal treatment – S-Corps (and LLCs taxed as S-Corps) are not subject to Florida corporate income tax, and because Florida has no personal income tax, the S-Corp pass-through income is not taxed at the state level at all. This means a Florida S-Corp’s income escapes any state taxation, a big draw for Florida entrepreneurs.
C-Corp
- Pays 21% federal corporate tax (IRC §11); dividends then taxed to shareholders (double taxation). Works well when reinvesting profits or raising institutional capital.
Florida angle (important if you form or operate here):
- No personal state income tax on individuals; pass-through income from an LLC or S-Corp isn’t hit again by the state.
- Florida corporate income tax applies to C-Corps (and LLCs taxed as C-Corps) at 5.5%; Florida exempts the first $50,000 of net income for corporations (see §220.14, F.S.).
- S-Corps are generally not subject to Florida corporate income tax unless they owe certain federal-level taxes (e.g., built-in gains); Florida’s rules reflect that exception.
C-Corp Taxation: A C-Corporation is taxed as a separate entity. It files its own corporate tax return (Form 1120) and pays taxes at the corporate rate on its profits (21% federal rate as of 2025). If the C-Corp distributes dividends to shareholders from after-tax profits, the shareholders must then pay personal income tax on those dividends – this is the classic double taxation scenario. For small businesses, double taxation is often seen as a drawback, as it can erode the net returns. However, some small C-Corps mitigate this by zeroing out taxable income (paying salaries/bonuses to owners or reinvesting profits) so that little profit is left to be taxed at the corporate level. Still, any value kept in the company will face that corporate tax. At the state level, C-Corps may owe state corporate income tax where applicable. In Florida, C-Corps (and LLCs electing to be taxed as C-Corps) are subject to the Florida corporate income tax (5.5% of taxable income). Florida does offer an exemption for the first $50,000 of corporate income (laws can change, so check current thresholds), effectively lowering the burden on smaller C-Corps. Nonetheless, a Florida C-Corp would pay up to 5.5% to the state on profits, whereas an LLC or S-Corp pays $0 state tax on pass-through income. This is one reason many small businesses in Florida lean toward the LLC/S-Corp route for tax efficiency.
- C-Corp Taxation: A C-Corporation is taxed as a separate entity. It files its own corporate tax return (Form 1120) and pays taxes at the corporate rate on its profits (21% federal rate as of 2025). If the C-Corp distributes dividends to shareholders from after-tax profits, the shareholders must then pay personal income tax on those dividends – this is the classic double taxation scenario. For small businesses, double taxation is often seen as a drawback, as it can erode the net returns. However, some small C-Corps mitigate this by zeroing out taxable income (paying salaries/bonuses to owners or reinvesting profits) so that little profit is left to be taxed at the corporate level. Still, any value kept in the company will face that corporate tax. At the state level, C-Corps may owe state corporate income tax where applicable. In Florida, C-Corps (and LLCs electing to be taxed as C-Corps) are subject to the Florida corporate income tax (5.5% of taxable income). Florida does offer an exemption for the first $50,000 of corporate income (laws can change, so check current thresholds), effectively lowering the burden on smaller C-Corps. Nonetheless, a Florida C-Corp would pay up to 5.5% to the state on profits, whereas an LLC or S-Corp pays $0 state tax on pass-through income. This is one reason many small businesses in Florida lean toward the LLC/S-Corp route for tax efficiency.
If you want simplicity and no corporate-level tax, an LLC or S-Corp is preferable to a C-Corp. The S-Corp edges out the LLC for some because of potential self-employment tax savings, but it comes with stricter rules. The C-Corp is best if you plan to reinvest profits for growth or court investors, where double taxation might be an acceptable trade-off for those benefits.
Ownership & management (who can own; who runs things)
- LLC — No cap on owners; foreign owners and entities can be members. Flexible: member-managed or manager-managed; fewer formalities (no required board or annual meeting minutes by statute, though documenting major decisions is wise).
- S-Corp – Eligibility limits: ≤100 shareholders, one class of stock, and generally U.S. individuals/residents (with limited exceptions). Corporate formalities apply (board, officers, minutes), and the reasonable salary rule for owner-employees is enforced.
- C-Corp — Unlimited shareholders, multiple stock classes, easy to issue equity to investors; the most formal governance (board, bylaws, meetings/minutes). Preferred by VCs and for IPO-track companies. (Federal tax/double-tax trade-off still applies.)
Owners of an LLC are called members. There is great flexibility in how an LLC is structured. It can be single-member or multi-member with no upper limit on the number of members. LLC members can be individuals, other LLCs, corporations, or foreign owners – there are no restrictions on who can own an LLC (unlike S-Corps). This makes LLCs very popular for joint ventures and international entrepreneurs. Management of an LLC can be set up in two ways: member-managed (all owners jointly manage the company) or manager-managed (members appoint one or more managers, who may or may not be members, to run the business). This choice is usually specified in the operating agreement and the Articles of Organization. LLCs don’t require a formal board of directors or officers, and they aren’t required to hold annual meetings or keep minutes by law (though it’s recommended to document major decisions). This informality is a big draw for small business owners who want to minimize paperwork. Each member’s liability is limited to their investment in the company, protecting personal assets from business debts or lawsuits in most cases.
If operating as a corporation, an S-Corp’s ownership is in the form of shares held by shareholders (owners). By law, S-Corps are limited to 100 shareholders, and all shareholders must be U.S. citizens or resident aliens. Additionally, S-Corps cannot have corporate or LLC owners; shareholders must be natural persons (with a few exceptions like certain trusts and estates). These restrictions mean you cannot have a foreign owner or a large number of owners in an S-Corp. S-Corps (when formed as corporations) follow the same management structure as any corporation: a board of directors overseeing high-level decisions and officers (CEO, President, etc.) handling daily operations. Regular meetings (shareholder and board meetings) are required and minutes should be kept as part of corporate records. If an LLC elects S-Corp status for tax purposes, it does not suddenly need a board, but it must still adhere to the operational and record-keeping requirements that come with the S-Corp rules (for example, properly issuing stock certificates if it was a corporation). One notable management/tax issue is that owner-employees of S-Corps must be paid a “reasonable salary” for their work, on which payroll taxes are paid, before taking additional profits as distributions. Failure to pay a reasonable salary can lead to IRS scrutiny. Overall, S-Corp status introduces more formality: compliance with both corporate formalities and tax rules is essential.
C-Corporations have the most formal structure. Owners are shareholders, and there is no limit to the number or type of shareholders (individuals, other companies, foreign investors—all allowed). This makes C-Corps ideal for startups that intend to raise capital from venture capitalists or go public, as they can issue shares freely and have multiple classes of stock (common, preferred, etc.). Management for a C-Corp is well-defined: Shareholders elect a Board of Directors, who in turn appoint the company’s officers (President, Treasurer, Secretary, etc.) to run day-to-day operations. Small corporations might have the same people as shareholders, directors, and officers (it’s possible in many states to have one person fulfill all roles), but they still must follow the process of maintaining those roles. Annual shareholder meetings and board meetings are typically required, and minutes of these meetings should be recorded. Bylaws must be adopted to govern the corporation’s internal rules. While this may sound burdensome to a small business, these formalities are important to maintain the liability shield; ignoring them can lead to “piercing the corporate veil” in a lawsuit, where an owner could be held personally liable. In practice, a well-run small C-Corp will keep a corporate records book with its Articles, bylaws, meeting minutes, stock ledger, etc., and will timely file annual reports with the state. Florida, for example, allows a single person to be all three roles (sole shareholder, sole director, sole officer) in a corporation, which simplifies management for a one-owner C-Corp, but that person should still document the required meetings (even if they create resolutions on paper) to uphold the corporation’s formal existence.
Key Differences:
LLCs offer simplicity – you can run the company as you see fit, without strict governance rules, which is perfect for a small team or single owner. Corporations (C or S) impose a more rigid management structure and record-keeping duties. S-Corps limit who can own the business (which can be a deal-breaker for some, especially if you plan to have foreign investors or more than 100 stakeholders). LLCs and C-Corps have no such ownership caps.
Florida Highlight:
Florida LLCs are especially known for their flexibility in management and fewer formalities. Florida law does not require LLCs to file member or manager information publicly beyond an initial authorization, which keeps things simple (though note, Florida does require listing at least one managing member or manager in the Articles/annual report, meaning it’s not anonymously owned). On the other hand, a Florida corporation (whether S or C) must meet the same formal standards as anywhere else – articles of incorporation, annual reports, etc. Many Florida business owners choose the LLC structure to avoid those extra obligations unless they have a compelling reason to incorporate. Florida LLCs also allow foreign ownership freely, which is beneficial for international investors who may be looking at Florida for its business-friendly tax environment.

Compliance & legal formalities (ongoing)
- LLC (Florida) – Maintain a Registered Agent; file an annual report by May 1 to keep “active” status; filing after May 1 triggers a $400 late fee (applies to LLCs and most for-profit entities).
Keep finances separate and update your Operating Agreement as ownership changes.
- S-Corp – File Form 1120-S + K-1s; run payroll for owner-employees; maintain corporate records (bylaws, minutes, stock ledger). Preserve S-eligibility (watch shareholder count/class of stock).
- C-Corp – File Form 1120 (corporate return) and any Florida corporate return (F-1120) if applicable; uphold all corporate formalities (board/shareholder meetings, minutes, bylaws, stock).
When it comes to ongoing compliance (after initial formation), here’s how the structures stack up:
LLC Compliance:
LLCs are generally low-maintenance. There is no requirement to hold annual meetings or keep formal minutes (though, again, recommended for multi-member LLCs to document important decisions). The main state requirement is often to file an annual report and pay a small fee each year to keep the LLC in good standing. For example, a Florida LLC must file an annual report by May 1 and pay $138.75. Missing this incurs a heavy late fee and eventual dissolution, so it’s a crucial deadline but the process is simple. LLCs must also maintain a registered agent and update the state if the agent or principal office changes. Internally, if any ownership changes or you bring in a new member, you should update your operating agreement and possibly file an amendment with the state if member/manager info is on record. In terms of paperwork, LLCs need to retain any operating agreement and keep records of financials separate from personal records. If an LLC elected to be taxed as an S-Corp, it will have additional compliance of running payroll for the owner’s salary and filing an S-Corp tax return each year. In Florida, compliance for an LLC is straightforward: no separate state taxes, no franchise tax, just the annual report and standard business taxes (sales tax, etc., if applicable). This simplicity in maintaining an LLC is part of why Florida LLCs are often touted as easy to manage.
S-Corp Compliance: An S-Corp, being essentially a corporation for legal purposes, must follow corporate formalities and additional tax filing rules. Annually, S-Corps (as corporations) often need to file an annual report with the state (Florida requires corporations to file an annual report similar to LLCs, by May 1, with a fee). They must hold annual shareholder meetings and board meetings, with minutes documented. They need to maintain bylaws and a stock ledger. On the tax side, an S-Corp files Form 1120S with the IRS each year and provides a Schedule K-1 to each shareholder. Payroll must be processed for any shareholder who works in the business, which means regular payroll tax filings (Form 941 quarterly, unemployment taxes, etc.) and issuing W-2s at year-end. If any ownership changes occur (e.g., selling shares), the S-Corp must ensure it still meets the 100 shareholder limit and other criteria; adding an ineligible shareholder (like a non-resident alien) could inadvertently terminate the S election. Additionally, if an S-Corp began life as a C-Corp and had undistributed earnings, or if it has certain passive income streams, there are special taxes that can apply (built-in gains tax, excess passive income tax) – typically not an issue for a brand new small S-Corp, but something to be aware of. Florida and S-Corps: Florida doesn’t impose state-level requirements beyond what any corporation must do. There is no Florida-specific S-Corp election; the state honors the federal election. An S-Corp in Florida will need to send the Florida Department of Revenue a copy of the IRS S-Corp acceptance (to verify it doesn’t owe Florida corporate tax). Otherwise, compliance is the same as any S-Corp: corporate formalities and federal tax compliance.
C-Corp Compliance: C-Corp compliance is similar to S-Corp (minus the S-specific tax filings). C-Corps file a corporate tax return (1120) and pay taxes. They must hold annual meetings, maintain bylaws, and so on. One unique requirement for corporations is issuing stock – even small corporations should issue stock certificates to the founders and keep track of the shares authorized vs. issued. If a corporation brings on investors, compliance can become more complex (securities laws, issuing new shares, etc.). Many small C-Corps remain closely held with one or few shareholders, making compliance easier in practice (less frequent share transfers, etc.), but the legal requirements remain and tend to be more involved than an LLC’s. Many states also impose an annual franchise tax or report fee on corporations. For instance, Delaware requires corporations to file an annual report and pay franchise tax that can range from a few hundred dollars and up depending on shares (for a large company it can be hefty). Florida, by contrast, does not have a separate franchise tax for corporations aside from its normal corporate income tax; Florida corporations just file the standard annual report with a fee similar to LLCs. However, Florida C-Corps do have to file a Florida corporate income tax return (F-1120) each year if they have taxable income. Florida has a relatively simple corporate tax regime, but it’s an extra layer of compliance that LLCs and S-Corps bypass. Also, a Florida corporation (like any corporation) must maintain a registered agent and keep the state informed of any changes.
Liability Considerations:
All three structures provide limited liability protection for their owners, meaning owners/shareholders are generally not personally responsible for business debts or legal liabilities beyond their investment. This protection is only maintained if the business is run as a separate entity and compliance formalities are followed. LLCs have an edge in that there are fewer formalities by law, so fewer opportunities to accidentally lapse and jeopardize the liability shield. Corporations, with their required formalities, need to be careful to observe those, or a plaintiff could claim the corporation is merely an “alter ego” of the owners. Courts will generally not pierce the veil of an LLC or corporation as long as:
- The entity is properly capitalized and not just a shell,
- Personal and business finances are not comingled,
- Formalities (especially for corporations) are respected,
- No fraud is involved.
In Florida, both LLCs and corporations are recognized and respected forms of limited liability. Florida law provides that LLC members are not liable for LLC obligations, and Florida’s LLC Act gives strong charging order protection for multi-member LLCs (meaning a creditor of an LLC member cannot seize LLC assets, only receive distributions that would have gone to that member). This is a point in favor of LLCs for asset protection-minded owners. Florida corporations don’t have charging orders (that concept is specific to partnerships/LLCs); instead, creditors of a shareholder could potentially force sale of that person’s stock.
Florida LLC often hits the “just right” zone
For many founders – especially solo or small teams – a Florida LLC provides liability protection, low administrative friction, and state-level tax efficiency (no personal state income tax). You can start simple and later elect S-Corp taxation once profits justify payroll + distribution optimization. If you pursue venture funding, you can convert to a corporation when needed.

Pros and Cons Summary
To crystalize the differences, here’s a summary of the pros and cons of LLCs vs S-Corps vs C-Corps:
LLC Pros:
- Simple formation and operation (less paperwork than a corporation).
- Default pass-through taxation (no double tax).
- Very flexible management structure; no fixed roles required.
- No ownership restrictions; can have foreign or corporate owners.
- Fewer ongoing formalities (no required annual meetings, etc.).
- In Florida, no personal state income tax on LLC profits.
LLC Cons:
- All profits generally subject to self-employment taxes (if no S-Corp election).
- Investors sometimes prefer stock (LLCs can raise capital, but issuing membership interests to venture capitalists is less straightforward than issuing shares).
- LLCs cannot take advantage of certain corporate tax deductions/credits as easily (though this is minor for most small businesses).
- Somewhat less established legal precedent than corporations (corporate law is older; however, LLC statutes are quite clear nowadays).
S-Corp Pros:
- Pass-through taxation (no corporate tax) – avoids double taxation.
- Potential employment tax savings for active owners (distributions not subject to payroll taxes if reasonable salary is paid).
- Credibility of having a corporate structure which can appeal to some clients or lenders.
- Perpetual existence like a corporation (doesn’t dissolve if an owner leaves, which an LLC might unless specified otherwise).
- In Florida, S-Corp profits avoid state tax, combining with no personal tax for a very tax-friendly setup.
S-Corp Cons:
- Strict eligibility rules (<=100 shareholders, only U.S. persons, one class of stock).
- More complex and costly to maintain (must run payroll, file separate tax returns, follow corporate formalities).
- All shareholders must receive K-1s and handle pass-through income on personal returns, which can be complex if many owners.
- Less flexibility in profit sharing – profits must be split exactly according to ownership percentages (unlike an LLC which can allocate profits in different proportions via its operating agreement).
- Mistakes in compliance (like forgetting to file the election on time, or issuing a second class of stock inadvertently) can terminate S status.
C-Corp Pros:
- No restrictions on ownership or number of shareholders – can raise capital from anyone, anywhere.
- Can have multiple classes of stock (preferred shares, etc.), enabling sophisticated equity financing.
- Preferred by venture capital and investors – about 66% of Fortune 500 companies are incorporated in Delaware largely as C-Corps, illustrating investor confidence in the corporate form.
- Established legal framework and case law (especially in Delaware) provides predictability.
- Owners can sometimes save on self-employment taxes by leaving profits in the company (only paying the 21% corporate tax and possibly deferring personal tax until dividends are paid).
- Certain tax advantages: C-Corps can deduct a wider range of expenses (e.g., generous health benefits, fringe benefits for owner-employees) that flow-through entities might not, and can carry losses forward or backward to other tax years.
C-Corp Cons:
- Double taxation of profits (corporate level and again on dividends).
- More regulation and formalities (annual meetings, corporate filings).
- Potentially higher overall tax if profits are significant and paid out (21% corporate + personal dividend tax can sum to more than individual rates would have been, though the exact impact depends on circumstances).
- For small businesses, no pass-through of losses – a new business that loses money cannot pass that loss to owners’ personal returns (whereas S-Corp/LLC can, subject to basis and at-risk rules).
- In Florida, subject to 5.5% state corporate tax on profits, whereas pass-through entities are not – this could reduce net profit for the owners.
Who should choose what
- Choose an LLC if you value simplicity now and flexibility later. Add an S-Corp election when net profit supports salary + distributions.
- Choose an S-Corp (either a corp or an LLC taxed as S) if you’re already profitable, actively working in the business, and you can justify reasonable salary – you’ll often reduce overall payroll/self-employment taxes.
- Choose a C-Corp if you’re raising professional capital, want multiple stock classes, or plan for stock option programs at scale – accepting corporate-level tax in exchange for financing advantages.
Florida-first next steps (done-for-you options)
Launch with Florida LLC formation via Best Value For Money LLC Solution (keeps costs lean, speeds time-to-operate).
Add EIN assistance + Registered Agent through our All in One LLC Solution when you need bank-readiness and compliance reminders.
Building a store? Our eCommerce-oriented LLC Solution (the eCom Hero tier) layers storefront, payments, and a bank-ready document pack for Florida eCommerce LLC formation without friction.
FAQs
Can my LLC “become” an S-Corp?
Yes – your LLC stays an LLC legally but elects S-Corp taxation (Form 2553). Late election relief may apply under Rev. Proc. 2013-30.
What is “reasonable salary” for S-Corp owners?
Compensation paid to working owners must be reasonable for services provided; pay that first (payroll taxes), then distribute remaining profits. See IRS guidance.
Is double taxation always worse?
Not necessarily. C-Corps can reinvest earnings at the 21% rate, and the structure is preferred by VCs. It’s a trade-off between financing flexibility and tax friction.
I’m non-U.S. – can I own each structure?
LLCs/C-Corps: yes (foreign owners allowed). S-Corp: generally limited to U.S. persons and certain trusts/estates.






