Quick Info on Corporations

There are many types of corporations and each is an entity, separate from the individuals which make up that entity. In many cases, those individuals which are part of a corporation, have no legal or financial liability for the corporation, unless they act separately from the corporation but do so using their position at the corporation.

Each type of corporation may have different responsibilities for taxation. Some are taxed one time, while others are taxed two times, once as a profit of the company and again when the money is distributed to shareholders.

NEXT: LLC vs. S Corporation