The C corporation is the most common corporate structure. It is a legal entity separate from its owners and may have an unlimited number of shareholders. A significant advantage of any corporate form is that it limits the owners' personal liability for claims against the corporation.
An S corporation is a taxation election you can choose when you incorporate. Many small business owners elect S corporation status because it combines many of the advantages of sole proprietorships, partnerships, and corporate structures.
Similar to corporations, LLCs shield personal assets from business debt. LLCs can elect to be taxed like partnerships, only at the individual level when profits are paid as dividends. This election yields a considerable advantage over C corporations, which are subject to double-taxation.
Nonprofit corporations neither issue shares nor pay dividends, and no part of the income may be distributed to its members, directors, or officer. Nonprofit does not mean tax-exempt. A "tax-exempt organization" is a unique entity that is usually a nonprofit organization.
Professional corporations are entities for which certain states contain corporation statutes to make special provisions, regulating the corporate entity's use by licensed professionals such as doctors, attorneys, engineers, and accountants.
LegalFilings' International plan incorporation package includes payment of the state filing fees, and Apostle seal, registered agent services, and a corporate kit at an affordable price. We currently have plans available for the two most popular states of Delaware and Nevada.
Find out if your business name is already being used. LegalFilings offers you a free preliminary name check of the availability in any state to ensure your business name is available for use.
LegalFilings Comparison Chart helps you quickly compare entity characteristics, including the advantages and disadvantages of forming a C Corporation, Subchapter S Corporation, or LLC.
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