What is a Corporation?

A corporation is an organized body, generally formed to operate a business, that has been granted a state charter recognizing it as a separate legal entity. These entities have their own rights, privileges, and liabilities distinct from those of the individuals within the entity, including its own debts and taxes. A corporation can enter into a contract, sue or be sued, and acquire assets in its own name. There are several types of corporations.

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S Corporations vs. C Corporations

C corporations and S corporations are different legal structures of the corporate business entity. While both structures are initially formed exactly the same way and have many similarities, there are also some notable differences. The biggest difference between the C corp and the S corp is the way the entities are taxed.

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What Are Limited Liability Companies?

A limited liability company (LLC) is a business entity created by state statute. There are no limits on the number of members that can join a limited liability company, and there are no limits on the types of members that can join. This means that it is possible to form an LLC with only one individual member. This also means that it is possible to form an LLC with many members.

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