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Corporations2018-06-30T23:10:50+00:00

Corporations

There are several types of corporations to choose from.  The choice depends on your goals, structure, and your industry requirements.

  • Corporation
    • A corporation is a separate entity from the shareholders (owners).
    • It is formed by filing the Articles of Incorporation with the Secretary of State.
    • Shareholders are not personally liable for the debts of the corporation.  Their liability is limited to the amount invested in the corporation or rather the amount of their shares.
    • Shareholders appoint the Board of Directors
  • Closely Held Corporation
    • A Corporation can also be known as a “Closely Held Corporation”
    • There are a limited number of shareholders (in California it is limited to only 35 shareholders) in a Closely Held Corporation.
  • S-Corporation or Subchapter S Corporation
    • An S-Corporation is a corporation that is designated a “Small Business Corporation” by the Internal Revenue Service.
    • “Pass through” taxation or the shareholders (as opposed to the corporation) are taxed on the profits and losses of the business.
  • Professional Corporation
    • A professional corporation (P.C.) is owned by shareholders who are members of a profession (i.e. doctors, lawyers, or accountants).
    • A PC is only allowed to have one type of share.
  • Non-Profit Corporation (501(c)(3))
    • A non-profit corporation is a regular corporation that is designated “non-profit” by the Internal Revenue Service.
    • Tax-exempt

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