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S Corporation vs. C Corporation | Forming a Corporation

When starting a business or changing your business structure, one of the most common options small business owners evaluate is whether to form an S corporation (S corp) or C corporation (C corp). These are the two most common ways to incorporate online, and the choice really depends on your business goals.   

S corporation vs. C corporation: The similarities

The C corporation is the standard corporation, while the S corporation has elected a special tax status with the IRS. It gets its name because it is defined in Subchapter S of the Internal Revenue Code. To elect S corporation status when forming a corporation, Form 2553 must be filed with the IRS and all S corporation guidelines met. But C corporations and S corporations share many qualities:

  • Limited liability protection. Both offer limited liability protection, so shareholders (owners) are typically not personally responsible for business
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LLC vs S Corp – Which Business Type is Right for Me?

Whether you’re just starting a business or thinking of changing your business structure, a common first step is comparing LLC vs. S corp. While a limited liability company and S corporation share many qualities, they also have distinct differences. Get familiar with each before deciding which might be right for you.

The similarities

LLCs and S corps have much in common:

  • Limited liability protection. With both, owners are typically not personally responsible for business debts and liabilities.
  • Separate entities. Both are separate legal entities created by a state filing. 
  • Pass-through taxation. Both are typically pass-through tax entities, and while S corps must file a business tax return, LLCs only file business tax returns if the LLC has more than one owner. With pass-through taxation, no income taxes are paid at the business
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Compare Types of Businesses | C Corp, S Corp, or LLC Business Types

Whether you've purchased an existing business or want to start a new company, you must first decide which form of organization (or "business entity") is best for you. There are several business types, and each has advantages and disadvantages. Make sure that you consult with your attorney or accountant about which type of business is most beneficial for your particular situation before making a final decision.

What is a C corporation?

The standard corporation, or C corporation, is a separate legal entity owned by shareholders. You form the corporation by filing incorporation documents with a state and paying the related filing fees. The corporate structure limits each owner’s (shareholder's) personal liability for the corporation’s business debts to the amount invested in the company by the shareholder.

Who should consider a C corporation?

A C corporation might be the right business type for you if you:

  • May need venture capital for
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The Advantages and Disadvantages of Forming a Florida LLC

Forming a limited liability company (LLC) in Florida cultivates the benefits you seek in protecting your personal assets, gaining potential tax advantages and maximizing the credibility the "LLC" abbreviation lends to your business name. But as with any legal business structure, LLCs have their advantages and disadvantages.

Advantages of Forming an LLC in Florida

The Sunshine State carries potential for small business owners seeking asset protection. A Florida LLC combines the liability protection of a corporation with the tax treatment and ease of administration of a partnership.

Forming an LLC in Florida also offers: Source: www.bizfilings.com

 

 

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