TYPES OF BUSINESS ENTITIES
There are many types of business entities in the US. They fall into two main groups: those that are filed at the office of the local county clerk, while the remaining types of companies are filed with the Secretary of State or similar office of the state government. linked-infacebooktwitteremail MOST COMMON TYPES OF BUSINESS ENTITIES CORPORATIONS LIMITED LIABILITY COMPANIES (LLC) BUSINESS ENTITIES AND TAX CHOICES BUSINESS CORPORATIONS DEFAULT TAX STATUS “C” Corporation OPTIONAL TAX STATUS “S” Corporation subject to restrictions All US corporations have to file at least a federal tax return each year. Many states also require an annual tax return as well.Business corporations are always a C corporation at the time of formation. If all the shareholders qualify, and all the shareholders want to, the corporation can elect to become an “S” corporation . There are certain benefits and costs for making this election. show description LIMITED LIABILITY COMPANIES (LLC) DEFAULT TAX ...