Types of Corporations? | C-Corporation & S-Corporation |
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Who manages? | The Board of Directors manage the business, and officers implement the decisions |
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How many owners? | All states allow one shareholder formation |
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Default Tax status? | When formed, a corporation is default a C-Corporation. To become an S-Corporation, a form 2553 must be filed with the IRS. |
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Transfer of ownership? | Transfer of ownership may be limited by securities laws (SEC). |
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Can be converted to other type of entity? | A corporation may change its status to an S-Corporaion. S-Corporation may change to a C-Corp. Restrictions apply. |
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