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Corporations

A corporation is a separate legal entity created according to the laws of the state of incorporation.

As such, it is considered an artificial person who is able to own property, enter into contracts, sue
and be sued. Advantages of the corporation include limited liability, centralized management, and
certainty in the law.

The main disadvantage of the corporation are a degree of complexity and double taxation of
profits; profits are taxed at a corporate level, and share holders also pay taxes on their salary If
employees) and dividends.

The S Corporation is a form of corporation with a flow through formula similar to partnerships,
but S corporations are limited to 75 shareholders and face other restrictions.