1. What
LLC can be as little as single member, while LLP has to have two members.
LLC and LLP can elect to be corp tax or passthrough.
Corp has to be corp tax.
2. How
passthrough means all business income are taxed as member/owner's personal income tax. If you earn 1 million in one year, you have to pay 1 million tax.
corp tax means corp pays tax one time, then the divident are distributed to its owners, and taxed again as their personal income. However, if you earn 1 million in a year, you can elect to keep some in the corp (such as 900K), and pass rest (100K) to owners.
3. self-employment tax consideration... read for yourself.
