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A S corporation can own an LLC. Both an LLC and corporation owners will receive a K-1 statement at the end of each year. Meaning the income and expenses of the business will flow through to the individual owners based upon their percentage ownership. S corporation is a tax election and must be timely. There are many laws relating to this question. For example in CA you cannot form an LLC if you are a law firm but can form an S corporation. In other states a law firm can create an LLC. Thus in CA an S corporation law firm cannot own a LLC law firm since its not allowed but would be allowed in a State allowing an LLC to be formed by a law firm. There is no universal answer to this question and this is stated generally.