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For many businesspeople, the choice of “business entity” comes down to a choice between  the Limited Liability Company (LLC) and S-Corporation.
While quite similar in many respects, LLC’s and S-Corporations both have advantages over one another.
For example, while LLCs and S-Corporations share the same “separate entity” status enjoyed by corporations (meaning the company is a separate […]

C-Corporations are the oldest and probably most common type of large domestic company. Many product and services that people come across daily are provided by corporations.
And while Limited Liability Companies are a newer entity type than C-Corporations, they offer unique differences that the C-Corporation cannot provide (and vice versa), and in recent years have often […]

For any business, paperwork is inevitable.
And to almost any business owner, this means there are tens if not hundreds of different forms and paperwork you must fill out in order to be in “good standing” with the government, the IRS, and more.
One such form deals with the Employer Identification Number (EIN).
What is the EIN?
Also known […]

When someone thinks of a “corporation”, they are typically thinking of the two big types of corporations: C-Corporations and S-Corporations. While they are similar in many respects, they do have several differences that are noteworthy.
While both types are separate legal entities from their owners (shareholders), only C-Corporations operate as a separately taxed entity from their […]

Yes, a Nonprofit Corporation may generate a profit. Non-profit does not literally mean that a Corporation cannot make a profit. A Nonprofit Corporation can acquire more income that it spends on its exempt purpose. This profit can be utilized for operating expenses, including salaries. However, a Nonprofit Corporation may not utilize its income to profit […]

More extensive record keeping requirements

Corporations typically require more ongoing paperwork than most other business entities in order to stay compliant with the law and maintain their corporate status. This includes holding and documenting annual meetings of shareholders and directors and keeping minutes of important corporate meetings.

Dividend payments can lead to double taxation

Dividends are paid to […]

Limited Personal Liability
This limits the liability of the owners/investors to only the amount of their investment. The owners of a corporation are not personally liable for business debts, claims, or other liabilities.

Perpetual Existence

The existence of a corporation is considered perpetual, although it can be terminated voluntarily by its owners (shareholders).

Better fringe benefits

While all business entities […]

A C Corporation is a completely separate tax and legal entity from its owners, and owners who work in the business are treated and taxed as employees of the corporation (Note: The “C” in C Corporation refers to a sub chapter of the tax code; C Corporations are one of the most common forms of […]

More extensive record keeping requirements
Corporations typically require more ongoing paperwork than most other business entities in order to stay compliant with the law and maintain their corporate status. This includes holding and documenting annual meetings of shareholders and directors and keeping minutes of important corporate meetings.
Additional Restrictions:

S Corporations cannot have more than 100 individual (not […]

Limited Personal Liability
This limits the liability of the owners/investors to only the amount of their investment. The owners of a corporation are not personally liable for business debts, claims, or other liabilities.

Perpetual Existence

The existence of a corporation is considered perpetual, although it can be terminated voluntarily by its owners (shareholders).

Better fringe […]

An S Corporation is a special form of corporation (Note: The “S” in S Corporation refers to sub chapter S of the tax code). S Corporations are based on C Corporations but they are not treated as a separate tax entity as C Corporations are. Instead, the income of an S Corporation is “passed through” […]

The operating agreement is akin to a partnership agreement for a General Partnership or Limited Liability Partnership (LLP). It is an internal contract amongst the members/owners of the LLC, and it lays out such things as ownership interest, member responsibilities, accounting method, adding or removing members, terms for concluding the LLC, etc. It is generally […]

There was a time when almost every state required the LLC to have two or more members, but that is no longer the case. This important change came in response to revised IRS regulations that clearly permitted single-member LLCs. As a result, in most states, if you plan to be the sole owner of a […]

A limited liability company (LLC) is a form of business entity that is separate and distinct from a person, like a corporation. The LLC is often described as hybrid between a corporation and a partnership (or sole proprietorship). It allows for the limited liability protection similar to that of a corporation (i.e. your risk is […]

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