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There are many different types of businesses that you could choose to form. A corporation offers certain advantages that may be right for your business.

1. No personal liability for the debts and obligations of the business. When you incorporate your business, you separate your business dealings from your personal dealings. Whether you have an S corporation or a C corporation, your business assets aren’t tied directly to your personal assets.

2. Certain tax advantages. Depending on the type of business you conduct, a corporation might offer you certain tax advantages that you would not have as an LLC or sole proprietorship, including lower payments for social security and Medicare.

Additional advantages to a corporation

Corporations also tend to have an easier time raising capital through the issuance of stock. While this may dilute the value of individual shares of stock, it can help companies with a long-term business plan meet their capital needs.

S corporation and C corporation

If you choose to incorporate your business, you will have to decide between an S corporation and a C corporation. While both offer protection of personal financial assets, they also differ in key areas. Our chart comparing S corporations, C corporations and LLCs offers an overview of the differences between these three entity types and the advantages that each offers so that you can choose the right entity type for your business.

A corporation is not the same as an LLC, or Limited Liability Company. This is a separate type of business entity that differs from a corporation in several key ways.

For more information

The following pages describe specific differences between business types.