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Related Articles

What are the Main Differences between an LLC and an S-Corp?

What Is a C-Corporation?

What Is an LLC?

What Is an S-Corp?

Which Type of Company Incorporation is Right for You?

 

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What Is A C-Corporation?

The business owner has a range of choices when it comes to legal structure. An individual, such as a shop owner, contractor or freelancer can create what is called a sole proprietorship. If you go into business with one or more others, you may decide to create a partnership. Should you choose to incorporate, however, you can go one of two ways: You can choose to form an S-corporation or a C-corporation.

So what is a C-corp?
A C-corporation is a structure most common to larger organizations that can also suit smaller ones. C-corp status offers tax and other advantages but also imposes a lot of administrative requirements on the business owner(s). Some states require more of the C-corporation than others. Generally speaking, however, the formulation of by-laws and articles of incorporation, the election of a board of directors, and scheduling and recordkeeping relative to directors' and shareholders' meetings are requirements.

Separate Entity
One thing that distinguishes the C-corporation from the sole proprietorship is that a C-corporation exists separately from its owners. This means that if the company is sued or goes into debt, the assets of the owner(s) will not be vulnerable. Forming a C-corporation can mean the difference between worrying about exposing your personal assets to claims from creditors, or allowing yourself to sleep peacefully at night.

Taxation
To establish that separate identity, a C-corporation is given its own tax identification number by the Internal Revenue Service. On the downside, the profits of a C-corporation are taxed twice: The corporation itself is taxed when its returns are filed. Shareholders who receive dividends are also taxed when they fill out and submit their individual returns. On the upside, C-corporations can deduct the cost of any fringe benefits they provide to employees when the corporate return is filed. This can make offering fringe benefits more affordable. A healthy program of fringe benefits may enable the business to attract more qualified employees.

Stockholder Matters
In addition, a C-corporation can raise capital by selling stock, something a sole proprietorship or partnership cannot do. In some instances, this capability may make it easier to raise financial backing. The administrative structure that accompanies C-corp status can prove to be a negative. Regular shareholder meetings must be held -- once a year at least -- and minutes must be recorded. Each corporation must have its own president, secretary and treasurer. Shareholders must elect a board of directors who are required to meet regularly and vote on major decisions. In some cases, those decisions must also be approved by the shareholders. In other words, a system of checks and balances created with an eye toward accountability must be established.

For business owners accustomed to making decisions regarding the direction of the company on the fly, this structure can seem cumbersome, if not counterproductive. Owners and employees alike may bemoan such changes, looking with nostalgia upon the days when the business was "smaller and more personal."

By-Laws and Articles
A C-corporation must file articles of incorporation with the state secretary of state's office. It must also create and record a set of by-laws. Very often, these administrative requirements require the services of one or more lawyers which can prove costly.

C-corp status offers definite positives, but its administrative requirements can prove deleterious to the entrepreneurial spirit.

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Published:  Thu, 02 Jul 2020 06:01:00 GMT



Firm completes report on Woodlands incorporation study for Township board

More than two years worth of intensive research, analysis and decisions on the potential incorporation of The Woodlands were compressed into a 319-page presentation and delivered to the township board ...

Published:  Fri, 19 Jun 2020 15:06:00 GMT



Bluetooth Headphones Market to Hold Revolutionary Growth Owing to Incorporation of Wireless Headsets With Smart Devices Till 2025 | Million Insights

The global Bluetooth Headphones Market size is projected to touch USD 17.5 billion by 2025, according to a new report by Million Insights. The market is expected to grow at a CAGR of 12.3% over the ...

Published:  Thu, 02 Jul 2020 01:47:00 GMT



Industrial Floor Mats Market 2020-2024 | Incorporation of Multiple Safety Features in Mats to Boost Growth | Technavio

Technavio has been monitoring the industrial floor mats market and it is poised to grow by USD 806.15 million during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report ...

Published:  Wed, 01 Jul 2020 05:20:00 GMT



Navarre incorporation effort fails to get enough signatures to get on August ballot

The effort to incorporate Navarre took a blow recently when the organizing group failed to get enough petitions to make it onto August primary ballot.

Published:  Mon, 22 Jun 2020 13:56:39 GMT



COVID-19 lockdown sees incorporation of 16,000 new companies: Report

Despite slowdown in overall business activity due to the coronavirus pandemic, close to 16,000 new companies have been registered since India's lockdown began on March 25. Of the 16,000 companies, ...

Published:  Wed, 24 Jun 2020 00:59:00 GMT



Nerve Stimulator Devices Market Expected to Grow at a CAGR of 12.6% by 2027|Cyberonics Incorporation, Boston Scientific Corporation

According to a recently published report by Research Nester on "Global Nerve Stimulator Device Market Outlook: ...

Published:  Sun, 21 Jun 2020 09:04:00 GMT



Uruguay says it was Brazil that forced the incorporation to Mercosur of Venezuela

The Uruguayan government revealed on Monday its disagreement with the way Venezuela's incorporation to Mercosur was decided last Friday at the summit held in Mendoza, Argentina, and said "it w ...

Published:  Mon, 22 Jun 2020 17:00:00 GMT



Navarre incorporation effort fails to get enough petitions for August ballot

RELATED: (Oct. 2014) City limits: a pro and con look at Navarre incorporation Jonathan Cole, a Navarre businessman who spearheaded the incorporation effort, said he believed the coronavirus and ...

Published:  Mon, 22 Jun 2020 09:13:00 GMT



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