There are several types of corporations, each with unique characteristics:
C Corporation: The most common form, offering limited liability, unlimited number of shareholders, and potential double taxation at both corporate and shareholder levels. S Corporation: Similar to a C Corporation but allows profits and losses to pass through to shareholders’ personal tax returns, avoiding double taxation. Limited Liability Company (LLC): Provides limited liability protection with the tax benefits of a partnership or sole proprietorship. Non-Profit Corporation: Organized for charitable, educational, religious, or other public service purposes, and eligible for tax-exempt status.