The four types of corporations are general corporations, C corporations, S corporations and LLC (Limited Liability Companies). The General Corporation defines itself as a separate legal organization that limits the amount of personal liability and with an unlimited number of possible shareholders. A C-corporation shares many similarities with a general corporation. However, a C corporation limits the number of shareholders from 30 to 50 (in most states). This has a separate advantage and disadvantage in that there are less stakeholders to account for but the opportunities for raising capital are more limited. An S corporation has a separate tax requirement compared to a General and C corporation. In an S corporation, the income and loss of the shareholder and the company are all reported on a single tax return. This mitigates double taxation that is most commonly found in general corporations. Unlike a general corporation, the max number of shareholders for an S corporation is 75 and S corporations can only issue one stock class. Limited Liability Companies have similarities to all classes of corporations. However, it generally has less stakeholders, cannot issue stock and may have a limited life span.
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