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C Corporation or S Corporation

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  • C Corporation or S Corporation

    The term is business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

    We strongly suggest the assistance of BOTH an accountant and lawyer when forming such companies. Though you may register them online do you really know the tax implications of the form of companies, and the importance of timing etc. It's complex, and you have duties to support these forms of companies. However, they do offer levels of protection not available to sole-proprietors. For example, a pet is unfortunately injured or killed under your care. In most cases, lawsuits will be filed against the companies, and not the owners directly. As always, there can be exceptions in extreme cases. On the lighter side, there may be tax advantages with these forms of operating a business.

  • #2
    Where would you find information on corporations and starting one in your state?

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    • #3
      The Company Corporation and NOLO

      Dear Jennifer1799,

      You can do it yourself but remember, "An attorney who represents himself has a fool for a client." So always find a "Competant Lawyer" (oxymoron) to review your documents.

      http://www.incorporate.com/?iq_id=68...le&cid=6824756

      and

      http://www.nolo.com/

      Good Luck and Godspeed,

      Chuck

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