S-Corps and C-Corps offer maximum liability protection, but they come with formalities, costs, and tax implications most small businesses don’t need. What is a corporation? A corporation is a separate legal entity with the strongest liability protection. But it requires extensive formalities: board of directors, annual meetings, corporate minutes, bylaws, stock certificates. There are two main types based on tax treatment: C-Corp and S-Corp. C-Corporation: This is the default corporate form. The key issue: Double taxation.
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