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A separate, legal entity authorized to act separately from its owners, such as a C Corporation, S Corporation, or LLC.
See Also
C Corporation, S Corporation, Limited Liability Company (LLC).
Tips
Common entity types include: C Corporation, S Corporation, Limited Liability Company (LLC) and Partnerships. Corporations must choose to be taxed by the IRS either as a C Corporation or an S Corporation. By default, corporations are set up as C Corporations. If an owner wants the company to become an S Corporation, they must file IRS Form 2553 with the IRS. C Corporations are subject to double taxation and may not be the most suitable entity for tax purposes when considering selling a business. An accountant should be consulted before converting from a C Corporation to an S Corporation, as the IRS imposes a look-back period during which additional taxes may be due.
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