Limited Liability company (LLC)
LLC has become a common business structure among small organizations. An LLC is a hybrid entity that combines the liability protection of a corporation with the tax benefits of a partnership. LLCs are less complex to set up than other corporations and offer more flexibility when it comes to management and ownership.
S Corporation
An S Corp is a special type of business structure that is designed to avoid the drawbacks of double taxation. An S Corp allows certain profits and losses to be passed directly to owners’ personal income without being subjected to corporate tax rates. Like LLC, it provides limited protected to one’s liability and any loans or other things are only subjected to that business only.
C Corporation
A C Corp is a separate legal identity owned by shareholders. A C Corp provides limited liability protection to its stakeholders as their personal assets are not at risk. This corporation is suitable for large businesses who tend to grow more with time and require more extensive record-keeping, operational processes, and reporting.
Non-Profit Corporation
A nonprofit is a legal business identity that is formed for a charitable, educational, religious, literary or scientific purpose. Nonprofits are exempt from paying federal income taxes and may be eligible for certain tax benefits. Furthermore, nonprofits must strictly follow rules regarding their activities and finances.