A corporation can have one or more owners. The corporate structure, when used properly, provides legal protection for the shareholders' personal assets when there are damages exclusively caused by the business itself. Unlike with some LLCs it does not protect the shareholders from losing control of the corporation for damages caused by the corporation or damages caused by the shareholders with unrelated matters.
A corporation may choose to be taxed normally as a C-Corporation or in some situations it may elect to be treated as an S-Corporation for income tax purposes. S-Corporations generally pay no income tax, rather the profits and losses are taxed on the tax returns of the shareholders.
Pages in the Corporations topic group