The Right Corporation For You
Nearly every United States corporation started as a small business. So, it only makes sense that nearly every small business has to eventually think about what kind of entity they want to be and how they want to organize their company. This is why understanding the different types of corporations is important.
To help you make the right decision for your company, let’s take a look at the various types of corporations and business structures.
When it comes to types of corporations, there are typically four that are brought up: S corps, C corps, non-profit corporations, and LLCs.
Why Are Many Corporations Formed?
It ensures that you and other shareholders aren't personally on the hook for company debts and liabilities.
Large public corporations or those planning to go public can benefit from many sources—aka how courts tend to resolve business disputes. Capital firms and angel investors also often prefer corporations. However, most small businesses form where they do business to avoid added costs and complexities.
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The Right Type of Corporation for You
Your company is exactly that: yours. Only you know where you want it to be, both in the near future and the far off. Think about your goals to decide which type of corporation or business entity feels right for your company. (Attorney available)
How Corporations Affect Your Business?
As far as the law is concerned, your business is a legal entity. Being such, there are a number of legal implications that come with each type of corporation and business structure. These legal implications range from personal liability protections to tax-exempt statuses to higher levels of federal income tax.
For example, an LLC ensures your personal assets are safe in the event of a business lawsuit or debt. But, an LLC doesn’t allow you to take advantage of the same kind of tax savings as, say, an S corporation.
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