Should you operate as a C-Corporation, S-Corporation, Nonprofit or an LLC?
Find out more below.
A Corporation is a legal entity governed by state law, that exists separate and apart from those individuals who created it. It is an invaluable asset protection tool because it shields all of its participants from liability for the debts of the business.
A partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the Limited Partnership, and a limited partner, who has limited liability but cannot participate in management.
The 501(c)(3) Nonprofit Corporation offers federal corporate income tax exemption under Section 501(c)(3) of the Internal Revenue code. IRC § 501(c)(3) nonprofits must be organized for religious, charitable, educational, scientific or literary purposes.