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Business Structures
Corporations:
personal liability protection, tax savings, and better access for raising capital. Are accountable for formalities such as annual meetings and recording minutes. Can file as an S or C corporation.
Limited Liability Company (LLC):
personal liability protection, less formalities than S or C corporations, ability to "pass-through" taxes to personal income tax.
Professional Corporation (PC) or Professional Limited Liability Company (PLLC):
are entities formed by providers of professional services such as: physicians, lawyers, architects, or engineers. Additionally, a Professional Corporation owner is held personally liable for only his/her negligence.
Nonprofit Organization:
operates for purposes other than profit and do not distribute income to its officers. Nonprofit Corporations benefit from tax exempt status, grant eligibility, personal asset protection and more. Examples of nonprofit corporations are schools, churches, charities, hospitals, and museums.
personal liability protection, tax savings, and better access for raising capital. Are accountable for formalities such as annual meetings and recording minutes. Can file as an S or C corporation.
Limited Liability Company (LLC):
personal liability protection, less formalities than S or C corporations, ability to "pass-through" taxes to personal income tax.
Professional Corporation (PC) or Professional Limited Liability Company (PLLC):
are entities formed by providers of professional services such as: physicians, lawyers, architects, or engineers. Additionally, a Professional Corporation owner is held personally liable for only his/her negligence.
Nonprofit Organization:
operates for purposes other than profit and do not distribute income to its officers. Nonprofit Corporations benefit from tax exempt status, grant eligibility, personal asset protection and more. Examples of nonprofit corporations are schools, churches, charities, hospitals, and museums.
