What is an S corporation?

When any corporation is formed, two main sets of laws will determine which type of structure is best to use. One type of structure, a Sub S corporation, is a regular corporation that opts to tax its profits at the personal income tax level.

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What is a Not-for-Profit Corporation?

A not for profit corporation is one specifically formed for purposes other than operating a profit-seeking business. Examples of not for profit companies are ones with charitable, religious, education, or scientific purposes. The purpose of the organization and the structure of the organization will determine whether a not-for-profit corporation will qualify for tax exemption status under 501(c).

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What are public purpose corporations?

The general definition of a public purpose corporation or public benefit corporation, is a corporation chartered by the state, usually formed to perform a government function. Some states define a public purpose corporation as any non-profit or charitable corporation, even if it is created by private parties.

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What is a Professional Corporation (PC)?

Professional Corporations, or PCs (also called Professional Service Corporations)were created to allow certain kinds of professionals (e.g., doctors, lawyers, accountants, engineers, and so forth) to do business as a professional corporation.

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What is a C Corporation?

A C corporation is a business that is a distinctly separate business and tax identity from its owners. Because it is not an S corporation, sometimes a C corporation is referred to as an ordinary corporation. The owners are shareholders rather than partners or proprietors. While a C corporation takes more time and effort to organize than other business entities, the key benefit of a C corp is that the business owners and their assets are protected from liability for business debts and judgments.

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