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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.

Give Navarre incorporation a chance. Here's what you need to know | Guestview

There's a new day ahead for Navarre. A day when people living here are in control of our community's land development, economic growth, traffic, road paving and government spending. A day when our ...

Published:  Mon, 19 Aug 2019 04:07:00 GMT



'College life wasn't a fairy tale before incorporation'

Nothing's as good as it used to be. D'you remember way back when everybody worked hard for an honest living, there were only three channels on the telly, and paedophiles hadn't been invented? D'you ...

Published:  Sat, 10 Aug 2019 01:07:00 GMT



Greenville's petition for incorporation dismissed by review board

GREENVILLE - The town's petition to incorporate as a 36-square-mile village was dismissed Wednesday, but the Wisconsin Incorporation Review Board has given the town one year to refile the petition ...

Published:  Wed, 14 Aug 2019 14:56:24 GMT



LLC Versus Incorporation: Which Should I Choose?

The decision to form either a limited liability company (LLC) or a corporation depends on the type of business an individual is creating, the possible tax consequences of forming the corporate entity, ...

Published:  Wed, 14 Aug 2019 14:40:00 GMT



Incorporation of IofinaEX Global

Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce the incorporation and launch of a subsidiary company ...

Published:  Tue, 13 Aug 2019 00:17:00 GMT



Corporate Training Market in United States, 2019-2023 - Growing Incorporation of Geofencing in Corporate Training - ResearchAndMarkets.com

DUBLIN--(Business Wire)--The "Corporate Training Market in US 2019-2023" report has been added to ResearchAndMarkets.com's offering. Corporate training includes a range of activities that are focused ...

Published:  Mon, 19 Aug 2019 09:55:00 GMT



Hindustan Copper announces incorporation of JV named 'Khanij Bidesh India'

Hindustan Copper announced that a joint venture company by the name 'Khanij Bidesh India' has been incorporated on 08 August 2019. The objective of the JV Company is to secure the strategic mineral ...

Published:  Fri, 09 Aug 2019 01:21:00 GMT



North Wales rings in 'Incorporation Day' 150th anniversary

NORTH WALES - At precisely 6:30 p.m. Tuesday, the firehouse siren blasted, followed within seconds by church bells ringing, then a few seconds later by dozens of whistles screeching, all echoing ...

Published:  Wed, 21 Aug 2019 08:23:00 GMT



Incorporation study funded

The province has agreed to the Columbia Shuswap Regional District's request to fund an incorporation study for the communities of Sorrento and Blind Bay. The study is designed to provide a detailed ...

Published:  Mon, 19 Aug 2019 21:18:00 GMT



Township, city work on agreement that would postpone incorporation

Bridgewater Township and the city of Northfield are negotiating an annexation agreement that would postpone the township's potential petition for incorporation. The township and city are working ...

Published:  Fri, 09 Aug 2019 11:28:00 GMT



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