WorldWide Business Corporations
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Corporations are structured on the idea that control and ownership can be separate. Owners are called shareholders and they may or may not be involved in the day-to-day operations of the company. Ownership of the business is tracked by shares, with each share corresponding to a defined portion of control of the business and entitlement to profits.
Many well-known companies are Corporations. Any individual can own shares at one of these companies without having any responsibility for working there. Features of a Corporation include:
Corporations provide limited liability because shareholders are generally not individually liable for the debts and obligations of the company.
- Corporations must pay corporate taxes on their own profits (and have extensive filing obligations). Shareholders are taxed separately, if the company distributes dividends to them (or if it pays them a salary, in the case of employee owners).
- Corporations are most suitable for investments/investors because their structure is designed to distribute ownership. Corporations adhere to a standard structure for the distribution of options to buy that stock, which can then be used to attract, retain, and incentivize key talent, contributing to the success of the business.
Common Features of Corporation
- State filing fees
- Certificate of Incorporation
- EIN number (Tax ID)
- Bylaws for your corporation