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CORPORATIONS
  

  1. Business for corporations
    Business or For-Profit Corporation As the name suggests, this type of corporation is used to make a reasonable amount of profit. A business corporation always offer commercial based services to customers which in turn makes them profit. Remember that the sole purpose of the company is profit, therefore this category is based on the purpose of the company.
  2. Cooperative Corporation
    Some people do confuse between cooperatives and corporations. If you are one of them, then you should rather get the difference right away. A cooperative corporation is a type of business that is almost similar to Business Corporation only that the profit is intended for the shareholders instead of the company. It uses the cooperative model to share profit among its members. This type is categorized based on the sole purpose of the business.t among its members. This type is categorized based on the sole purpose of the business.
  3. Private Corporation
    This is a privately owned corporation whereby the shareholders are not members of the public. This is the most common type of corporation and constitutes a larger percentage of all corporations around the globe. The purpose of this type of corporation is usually based on private activities such as banking, mining, exploration, manufacturing etc. Remember that religious corporations and charity-based corporations are in fact private corporations.
  4. Public Corporations
    This type of corporation is based on public ownership, that is, the shareholders are the members of public. The corporation is always managed by officials that are appointed by the government. They engage in activities that are not private rather, the government owns it and its purpose is public based activities such as education, energy etc. This corporations are always financially independent..
  5. C Corporation
    This is a type of corporation whereby the company holds the responsibility of paying taxes. The shareholders have no mandate of paying taxes and therefore their respective profits are not taxable. This type of corporation is a general category and may encompass other categories as well.
  6. S corporation
    It is a type of corporation whereby the individual stockholders or shareholders possess the responsibility of paying taxes. The company does not pay the tax on behave of the shareholders. This category is based on how the corporation pays tax. Just as the above category, S corporations can comprise of other categories that does not belong to C corporation category.
  1. Close Corporation
    This is a corporation that its shares and stock can be traded freely. The shareholders are usually a small group of people such as relatives. It is categorized under the number of shareholders. On the other hand, close corporation may have varying requirements depending on the laws of the country or region
  2. Controlled Corporation
    This type of corporation is also based on the number of shareholders. The shareholder on this category may be just one person owning a large number of stock or it could be another company owning larger number of stock.
  3. Professional Corporation
    In a professional corporation, the activities carried out are usually based on professional disciplines such as engineering, medicine, architect or law. This type of corporation is found almost everywhere in the world. Professional corporations are managed and owed by these professionals..
  4. Foreign Corporation
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  5. LLC
    What Are The Benefits of an LLC? Regardless if you are just beginning your company or have been operating as a sole proprietorship or general partnership, you should look at incorporating your company as an LLC or Limited Liability Company. Many business owners assume it’s too pricey or time-consuming, but both assumptions are incorrect.
  6. What Are The Benefits of an LLC
    LLC companies typically don’t pay taxes in the business level. Any company earnings or loss is “passed-through” to proprietors and reported on their own personal tax returns. Any tax due is paid at the individual level. This is different from other types of incorporation where double taxation happens – once when company earnings are taxed, and twice when the owner or shareholder receives profit.