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You can always count on Accountlet to help you launch your business the correct way. For a simple and affordable rate, Accountant will form an entity of your choice, file all required information, and get you up and running in no time. Creating a corporation offers limited liability protection, facilitates fundraising, ensures continuity, offers tax benefits, adds professionalism and reliability to a business, and promotes growth. Don’t wait, contact us today for more information!

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Forming an entity

To form a corporation, you need to file articles of incorporation with the state in which the corporation will be registered. The details vary from state to state. 

Here is what’s involved: 

  • Choose a business name 

  • Designate a registered agent 

  • Appoint your board of directors 

  • File your articles of incorporation 

  • Create your corporate bylaws

  • Hold the first meeting of the board of directors

  • Authorize the issuance of shares of stock 

There are four types of entities:

  • Sole proprietorship

  • Limited Liability Company (LLC)

  • S-Corporation (S-Corp)

  • C-Corporation (C-Corp) 

    Choosing an entity type depends on your business type, size, and potential liability.  

S Corp

How is an S Corp taxed?

An S Corp is only taxed once. Shareholders receive a k-1 and pay taxes on profits received.

How is an S Corp owned?

An S corps is limited to 100 shareholders.  

How do S Corp shares work?

Shareholders only receive common stock. All shareholders have voting rights.

C Corp

How is a C Corp taxed?

C corps are taxed twice. With a C Corp, the business pays taxes at the corporate level, and shareholders pay taxes on income received.

How is a C Corp owned?

There are no restrictions on shareholders.

How do C Corp shares work?

Owners can receive common stock or preferred stock with no voting rights. C corps come with much more flexibility and are meant for larger businesses.

 

S corp VS. C corp:

The main difference between an S corporation and a C corporation is how they pay income taxes. S corporations are pass-through entities, where profits and losses pass through to shareholders' personal tax returns. C corporations are separate taxable entities, subject to double taxation. S corporations don't pay income taxes directly. Instead, they an informational return that reports income and expenses to the IRS. Shareholders or members of an LLC receive a k-1.  C corporations, on the other hand,  pay tax on their income at the corporate level, plus shareholders pay taxes on the profits distributed as dividends.