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The C corporation is the standard (or default) corporation under IRS rules. The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages. Both business structures get their names from the parts of the Internal Revenue Code that they are taxed under.

Compare business structures Business structureOwnershipLimited liability company (LLC)One or more peopleCorporation - C corpOne or more peopleCorporation - S corpOne or more people, but no more than 100, and all must be U.S. citizensCorporation - B corpOne or more people3 more rows ?

How do I create Articles of Incorporation? Step 1: State where the corporation is incorporating. ... Step 2: Provide details about the person filing the Articles of Incorporation. ... Step 3: State the corporation's name, purpose and duration. ... Step 4: Include details about the registered agent and office.

A corporation, sometimes called a C corp, is a legal entity that's separate from its owners. Corporations can make a profit, be taxed, and can be held legally liable. Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures.

6 types of corporations C corporations. A C corporation is a legal entity or structure that the government taxes separately from its owners. ... S corporations. ... Limited liability companies. ... Nonprofits. ... B corporations. ... Closed corporations.

LLCs are considered pass-through entities for the purpose of US taxation; they don't file taxes in their own right, but have their income reported on the personal income tax returns of their owners. C corporations file their own tax returns.

Know the types of corporations There are four general types of corporations in the United States: a sole proprietorship, a Limited Liability Company (LLC), an S-Corporation (S-Corp), and a C-Corporation (C-Corp).