Corporations

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There are two types of Corporations; the C-Corp and the S-Corp.

C-Corporations

A C-Corp is owned by the Shareholders, controlled and managed by a Board of Directors, is subject to a broad range of regulatory requirements and is generally best for companies that are large or publicly traded. Additionally a C-Corp has the potential for double taxation if profits exceed a certain level. However, there are many tax benefits to C-Corps that are not available to an S-Corp, such as 100% deductible health insurance and medical reimbursement plans and all revenue is taxed at the corporate tax rate while profits distributed to Shareholders are taxed at their personal income tax rate. C-Corps file an Annual Report with the Secretary of State or Corporation Commission.

S-Corporations

A Small Corporation or an S-Corp has more options than an LLC for tax deductions, but income is taxable to the Shareholders at their personal income tax rate. S-Corps do not face double taxation; however an S-Corp is still required to file an Annual Report with the Secretary of State or Corporation Commission.