C Corporation is a group of individuals granted a charter, legally recognizing them as a separate entity with rights and liabilities distinct from those of its members. C corporation is liable for any debts incurred rather than the individuals. The taxes are split between corporate and shareholders at different rates.
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An S Corporation is a corporation that does not have a double taxation like a C Corporation does. S Corporations are common for many hospitality businesses, such as family-owned operations. There is a limit of no more than 100 shareholders in a S Corporation. Any profits from the business are distributed directly to the shareholders.
Choosing the right business structure can be a daunting task for the small business owner or entrepreneur. You may have heard that the traditional C Corporation is overkill for most small businesses, and results in higher overall tax payments through something known as double taxation. But if the C Corporation isn’t right, then what is?