Originally Posted by Amnorix
This is categorically incorrect. S Corps and LLCs are formed under different statutes under state law and have different requirements/limitations under those laws. They are both treated as pass-through entities for tax purposes, and offer liability protection to their owners through the organization of the business, but they are similar in the areas that are usually critical when deciding what type of entity to form, but an S Corp IS it's own entity (a corporation, rather than an LLC), they are NOT identical and a company CANNOT be both.
They are not identical, but a company can
be both for federal tax purposes. An LLC can elect to be taxed as an S Corp, using Forms 8832 and 2553. Most LLCs file under Subchapter K, but for whatever reason, they can elect (through a simple 'check the box' method) to file under Subchapter S.