Types of Businesses
By Cody Christy
A corporation (sometimes referred to as a C corporation) is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs. Corporations are more complex than other business structures because they tend to have costly administrative fees and complex tax and legal requirements. Because of these issues, corporations are generally suggested for established, larger companies with multiple employees. Advantages of a Corporation is having limited liability, ability to generate capital, corporate tax treatment, and attractive to potential employees. Disadvantages of a Corporation is that it can take away needed time and money, be charged with double taxes, and having additional paperwork.