What is the difference in S-Corps and LLC?

What is the difference in S-Corps and LLC?
An LLC is simply an entity (a separate entity, as is any corporation) that is set up by individuals in business to protect themselves from personal liability in the event of a lawsuit. The partners of the LLC (limited liability corporation) must always protect themselves personally by never "breaking the corporate veil", ie: not co-mingling corporate funds or expenses with their personal financial transactions. As far as taxes and the IRS, an LLC is treated as a pass-through corporate partnership. In other words, your earnings or losses from your LLC will pass-through from your corporate tax returns to your personal tax returns. You have to file a form 1065 each year which will include a form K-1 which states the earnings/losses for each member (partner) of the LLC. These amounts are then reported (passed-through) to that LLC members' personal tax return.