Description
C-Corporation (C-Corp):
Requirements: To form a C-Corp, you need to file Articles of Incorporation with the state, appoint directors, issue stock, and comply with various state-specific regulations.
Benefits: Limited liability protection for shareholders, perpetual existence, ability to raise capital through the sale of stock, potential tax advantages like deductible business expenses.
S-Corporation (S-Corp):
Requirements: To qualify as an S-Corp, the firm must first establish itself as a C-Corp and then file Form 2553 with the IRS to elect S-Corp status. It must meet specific IRS criteria, such as having no more than 100 shareholders and meeting certain shareholder qualifications.
Benefits: Pass-through taxation, limited liability for shareholders, potential tax savings by avoiding double taxation (on corporate and personal levels).
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