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What is a C Corporation?
A C Corporation (also known as a “C Corp”) is a legal entity that protects the owners’ personal assets from creditors. It can have an unlimited number of owners and multiple classes of stock. Unlike an S Corporation or an LLC, it pays taxes at the corporate level.
What steps must I take to form a C Corporation?
You must file Articles of Incorporation with the state where you’re based and designate a Registered Agent to receive official and legal documents on behalf of your business. You must also obtain an employer ID number (EIN), which is often required for tax purposes and business banking.
Can I change my corporation status or convert to an LLC in the future?
Yes, you can convert an S Corporation to a C Corporation or an LLC should your business needs change. The decision to convert must be approved by the shareholders. Conversion planning depends on your company’s specific circumstance, so be sure to discuss your plans with a legal professional.
What compliance rules must I follow as a C Corporation owner?
C Corporations need to have shareholders, directors, and officers. They must hold director and shareholder meetings, keep corporate minutes, and allow shareholders to vote on major corporate decisions. Your C Corporation also needs to file annual reports and maintain good standing in state(s) where you’re incorporated.