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Cyber Law Guide
About C-Corporations
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C-Corporations are huge in the US and you need to know about
them.
This is the most common kind of corporate entity. Most major companies as well
as numerous smaller ones fall into this category. Although widely used, a C-Corp
structure may not be the best one for a small net-based business run by one
person.
The reason is that Federal and most State laws require that the operations of a
C-Corporation be overseen by a board of directors and that shareholders be
consulted on major business decisions. This Board of Directors manages the
corporation and appoints officers to run things on a day-to-day basis. |
If you plan to expand your Internet
business substantially – if you believe it has a shot at
becoming the next Google or Craig’s List - a C-Corporation
is definitely the way to go. As a C-Corporation, you have no
limit to how many shareholders you may have, allowing you to
raise unlimited amounts of capital through the sale of
stock.
A C-Corporation is also able to deduct the cost of employee
benefits (such as health insurance) as a cost of doing
business. Otherwise, if you plan on staying small and intend
to maintain maximum control over as much of the operation of
your business as possible, formation of an LLC or an
S-Corporation is a better choice.
S-Corporations
An S-Corporation – sometimes called a “small business
corporation” - is really little more than a C-Corporation
that has chosen to operate under specific tax laws as
outlined under Chapter One, Subchapter S of the Internal
Revenue Code. The initial administrative paperwork required
is the same, regardless of whether you are forming a
C-Corporation or an S-Corporation, since this is done at the
state level. Once this paperwork has been approved by the
state in which you are incorporating, you’ll need to fill
out and submit IRS Form 2553, also called “Election by a
Small Business Corporation”.
With an S-Corporation, the shareholder (that’s you) is able
to pass corporate earnings and profits directly through to
his/her own personal tax return. Anyone providing work for
an S-Corporation (including yourself) needs to receive a
wage or salary meeting “the standards of reasonable
compensation.”
You now know about C-Corporations which may be a great
incorporation model for your business.
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