Types of Corporations?
C-Corporation & S-Corporation
The Board of Directors manage the business, and officers implement the decisions
How many owners?
All states allow one shareholder formation
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.
Transfer of ownership?
Transfer of ownership may be limited by securities laws (SEC).
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.