Business Incorporation
Corporation is a legal form of organization of persons and material resources, chartered by the state, for the purpose of conducting business.
A Corporation, also referred to as Standard Corporation, C-Corporation, or Regular Corporation, may have an unlimited number of shareholders, including foreign citizens, may be public (when shares are offered for sale to the public) or privately held (when shares are not sold to the public). Usually shares of the corporation are held by the founders, board members and private investors, such as venture capitalists, who may or may not sit on the board of directors.
Key Features of Incorporation / Incorporating a Business
Tax Savings
Reduces Likelihood of IRS Examination (Audit)
Added Credibility
Easier Access to Capital Funding
Easier Transfer of Ownership
Flexibility of Share Ownership
Buisness Corporations have certain disadvantages. The main disadvantage is the fact that the profit of a C-Corporation is taxed to the corporation when earned, and the corporation does not get a tax deduction when it distributes dividends to shareholders. Then when dividends are distributed to the shareholders they are taxed again at the shareholder level. This phenomenon is called "double taxation".
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