C corporation
A corporation is formed pursuant to state law and is taxed as a separate entity. Corporate structure is fairly rigid but corporate law is well defined and provides substantial guidance as to business matters, including transactions, management, as well as liability of the corporation, its directors, officers and employees to third parties and to each other. Share ownership can be fashioned to provide additional flexibility through the use of classes of shares, stock options, convertible debt as well as various types of contracts by and between the corporation and related interested parties. This form of corporation may have many classes of shares. The various attributes of the corporation may be adjusted to suit the needs of the owners and managers. However, in very small business enterprises, it is generally not cost efficient to create a very particularized form. Tax is applied at two levels. First the corporation pays tax on its gross income less allowable deductions and the tax so computed is adjusted for allowable credits.
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